Thu, December 08, 2022

Swiss Watchdog Awaits Response by Facebook Libra

Wibest – Facebook Libra: Photo of the Facebook logo on the smartphone screen and the brochure with Libra logo.

On Tuesday, the Swiss Federal Data Protection and Information Commissioner said Facebook’s Libra cryptocurrency project did not respond to the request of information by Switzerland’s data privacy watchdog.

Meanwhile, observing more details will help define the oversight role over the US social media company’s planned digital currency.

Facebook announced the launching of Facebook Libra next year to expand in e-commerce and digital payments in mid-June.

From then on, politicians, regulators, and central bankers around the world handled inspections.

Fears over the lengthy approval of Facebook’s 2.38 billion users that could upset the financial system and facilitate money laundering are under inspection.

On a US hearing, David Marcus, who manages Facebook’s currency project, said he anticipates the Swiss Federal Data Protection and Information Commissioner to be Libra’s privacy regulator.

Facebook sets up and manages the currency that is based in Geneva.

On July 17, the FDPIC said that the association did not receive any reply yet about the proposed project.

No Immediate Response from Facebook

Wibest – Facebook Libra: Libra, Facebook's cryptocurrency.

Facebook did not immediately respond to the comment request.

Indicating the anticipated Facebook Libra conduction to impact assessment of data protection risks was the Swiss data privacy authority.

Libra will have to find a way to minimize data protection risks associated with the cryptocurrency, evaluation of risks, and proposed measures.

The watchdog said, “The FDPIC stated in its letter that as it had not received any indication on what personal data may be processed.”

He also stated, “The Libra Association should inform it of the current status of the project so that the FDPIC could assess the extent to which its advisory competences and supervisory powers would apply.”

Lastly, he said, “The FDPIC is currently waiting for the Facebook Libra Association to respond to its letter of July 17, 2019, and set out their official position.”

The association has held talks with the Swiss Financial Markets Supervisory Authority. Marcus also told the US Senate it was on “an appropriate regulatory framework.”

The criticism was on Facebook’s handling of data privacy.

On Tuesday, set to announce also is the US Fed Commission, for its company’s sweeping settlement of allegations.

G7 Ministers Illustrates Cryptocurrency Risks

Meanwhile, Facebook Libra issued a piece of information in a meeting in France last week.

It indicates severe regulatory and systemic concerns should be developing with tech companies on other financial products.

The G7 ministers, referring to issues, said the needs should be addressed before such projects can be implemented.

The French finance minister, Bruno Le Maire, called for urgent action. It was concerned about Libra and said the “sovereignty of nations could not be jeopardized.”

The meeting alleged the initiatives, and their operators would need to meet the highest standards of financial regulation.

This is mainly to anti-money laundering and counter-terrorism financing. They do not move the stability of the financial system, or consumer protection to guarantee security.

In the global regulatory system, some gaps would need to be addressed.

Libra will launch in 2020, with a possible user of 2.2 billion people who use Facebook and its communication apps, Messenger, WhatsApp, and Instagram.

The company said, sending and receiving of Libra will be accessible to anyone with a smartphone.

Libra would also benefit people and businesses around the world that don’t have bank accounts.

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