Swiss Data Regulator Waits For Information On Facebook Crypto Plan

The Libra cryptocurrency project of Facebook Inclusive has not countered to a data request by the data privacy regulator of Switzerland, said the authority. The watchdog mentioned it had asked for more particulars to assist in delineating its oversight role over the proposed digital currency by the US social media firm.

In mid-June, Facebook declared of introducing Libra by next year as it steps into digital payments and e-commerce. Since then, it has confronted inspection by regulators, central bankers, and politicians across the world, comprising over concerns that extensive implementation by 2.38 Billion users of Facebook could disturb the financial system and make money laundering possible.

David Marcus, who supervises the currency project of Facebook, stated at a US Senate trial earlier this month he anticipated the Swiss Federal Data Protection and Information Commissioner (FDPIC) to be privacy watchdog of Libra. This is as the nonprofit Libra Association set up by Facebook to watch over the currency is located in Geneva.

The FDPIC, in a statement, stated a letter has been sent on July 17 to the association as it hadn’t yet heard about the project from the group. The Swiss data privacy authority, among other things, stated it was anticipating Libra to carry out an impact evaluation of data protection risks coupled with the cryptocurrency, assess risks as well as put forward steps to curtail them. The watchdog stated, “At present, the FDPIC is waiting for the response to the July 17 letter by Libra Association and define their official position.”

On the other end, the data privacy handling by Facebook has been the focal point of condemnation, and the US Federal Trade Commission is all ready to proclaim the firm’s sweeping settlement of claims it mismanaged user privacy and would shell out $5 Billion, as briefed by 2 individuals knowing about the matter.

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