Policymakers Raise Several Concerns Regarding Launch Of Facebook’s Libra

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Policymakers Raise Several Concerns Regarding Launch Of Facebook’s Libra

According to the CNBC report, Swiss Federal Data Protection and Information Commissioner have been waiting for the confirmatory statement from Facebook concerning data privacy related to its cryptocurrency Libra. David Marcus—co-creator of Libra—has already mentioned in his testimony that he would manage all the operations related to data protection.

Facebook has been condemned by the globally residing lawmakers for an attempt to override around a national financial policy.

Jerome Powell—Chairman of Federal Reserve—also had ruthless words for the social networking giant and its expected cryptocurrency. Federal Reserve Chairman Jerome Powell also had ruthless words for Facebook and its planned cryptocurrency. Last week, he said that Libra has been raising several serious matters regarding money laundering, privacy, financial stability, and consumer protection and financial stability.

Even Steven Mnuchin—US Treasury Secretary—who usually supports such approaches initiated by the private companies, has articulated against Facebook’s plan to launch Libra cryptocurrency.

On a similar note, WhatsApp and Instagram have had a golden chance to boom as a conglomerate under Facebook, rather than they could manage to grow at an individual level. The representative from the social networking giant intends to tell policymakers at a House Judiciary Committee hearing.

Google, Facebook, Apple, and Amazon representatives are going to provide evidence concerning the impact of huge online platforms on the US-associated innovation. In the meantime, the U.S. antitrust regulators have been looking to target the four tech giants, dividing supervision powers between the Federal Trade Commission and the Department of Justice.

Matt Perault—director of public policy at Facebook—seems to provide evidence about the benefits being gained by WhatsApp and Instagram as well as the users through the acquisition.

Several policymakers have uttered uncertainty about Facebook’s acquisition of WhatsApp and Instagram. Some states that the company has never received government approval for conducting such acquisition deals.

Jenny Pittman
Author Details
SR. CONTENT WRITER At Industry Research Reports

Jenny Pittman is a Sr. Content Writer at our news portal. She has studied electrical engineering and is connected with us from the last 3 Years. She oversees the technology domain and all articles, blogs related to it. She has a significant role in building a talented team that guides the direction and planned decisions for the portal. She is accountable for the portal’s growth. Previously, Jenny, she worked at one of the top news portals, where she served as an editor and helped in shaping the business innovation outline and core capabilities.

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