Data protection and privacy enforcement regulators expressed concern with the lack of information provided by Facebook and other members of the Libra Network regarding the proposed cryptocurrency.
In a joint statement, the UK Information Commissioner's Office and authorities from Albania, Australia, Canada, Burkina Faso, the European Union and the United States expressed doubt about the Libra Network's ability to protect consumer data given the (i) current lack of transparency regarding the digital currency and infrastructure and (ii) Facebook's recent misuse of consumer data, which "had not met the expectations of regulators, or their own users." The regulators warned that once Libra is launched, it could give the network access to "millions of people's personal information." Given these issues, the regulators emphasized that they were "surprised and concerned" that more information has not been provided regarding the network's data protection efforts.
To achieve some clarity, the regulators called on the Libra Network to answer a number of very broadly phrased questions regarding data protection and privacy, and the ability of individual consumers to protect their information, including by deleting their accounts.
The UK Information Commissioner's Office proposed a draft statutory code of practice on data sharing.
Members of the U.S. House Committee on Financial Services considered testimony on the potential impact of Facebook's proposed cryptocurrency on consumers, investors and the global financial system.
A Facebook executive responded to regulatory concerns over the company's proposed blockchain-based cryptocurrency, "Libra."
House Financial Services Committee Chair Maxine Waters (D-CA) requested an immediate moratorium of Facebook's proposed blockchain-based cryptocurrency Libra and the digital wallet Calibra.
Facebook unveiled plans for "Libra," a new blockchain, digital currency and smart contract platform intended to reach a global audience.
Facebook agreed to pay a $5 billion fine to the FTC and the DOJ to settle claims that the company engaged in deceptive business practices by failing to give notice to customers before sharing information with third parties.