Global Regulators Express Concern with Libra Network's Ability to Protect Consumer Data

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.