Facebook’s cryptocurrency plans face global regulatory scrutiny over privacy concerns

6 August 2019 8:37pm
Facebook’s Libra cryptocurrency project is facing scrutiny by privacy regulators across the globe, with watchdogs from jurisdictions including Australia, the EU and the US asking it to clarify what safeguards it has in place to protect personal information that it may wish to combine with financial data.

In a joint statement issued today, privacy regulators warned the Libra Association and Facebook subsidiary Calibra — referred to as the Libra Network — of the risks of combining personal datasets gleaned from its social platform with data it plans to use to roll out its cryptocurrency project.

Australian Information and Privacy Commissioner Angelene Falk said in a statement accompanying the joint announcement that privacy “must be a key component of any significant digital initiative such as Libra."