Privacy watchdogs warn Facebook over cryptocurrency Libra

Sydney: Global privacy regulators joined forces today to demand guarantees from Facebook on how it will protect users’ financial data when it launches its planned cryptocurrency, Libra.

The watchdogs from Australia, the US, EU, Britain, Canada and other countries issued an open letter calling on Facebook to respond to more than a dozen concerns over how it will handle sensitive personal information of users of the digital currency.

The letter follows a chorus of warnings about Facebook’s entry into the shadowy world of digital banking, including at a meeting last month of finance ministers and central bankers from the G7 group of most developed economies.

Agency