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'Brussels opens competition investigation into Facebook's cryptomib libra'

2019-08-21T05:32:04.088Z

The European Commission is investigating whether the crypto currency of Facebook, libra, will distort competition. The Bloomberg news agency writes this on the basis of Commission documents. The documents would have been sent earlier this month to representatives of the libra project.


The European Commission is investigating whether the crypto currency of Facebook, libra, will distort competition. The Bloomberg news agency writes this on the basis of Commission documents. The documents would have been sent earlier this month to representatives of the libra project.

According to Bloomberg, European competition authorities are afraid that the crypto coin can have a disruptive effect on the exchange of information and the use of consumer data.

The European authorities are also looking at the potential integration of the currency in apps from Facebook services such as WhatsApp and Messenger, the news agency said.

The European Commission is not the first party to look with suspicion at the crypto coin introduced in June. Previously, Chinese and American regulators also expressed concern about the libra. There are concerns in the areas of money laundering, privacy and financing of terrorism.

Facebook announced on June 18 the arrival of the libra. With this, users must be able to send money to each other and make purchases in stores. You can pay via the Calibra app or via Whatsapp and Facebook Messenger. Facebook wants the first payments to be made with libra at the beginning of 2020.

Source: nunl

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