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Data Protection Officers in the United States, the European Union, the United Kingdom, Australia and Canada have raised concerns about the privacy risks of the project. Facebook to launch a new cryptocurrency, the latest blow to the Libra project.
Data protection officials said in a joint statement: The Libra network run by Facebook and 27 partners could immediately become the guardian of millions of personal information.
They explained that they feared that this huge store of personal data, combined with financial information and the design of the encrypted currency, has increased their fears.
Officials said in the statement: Although Facebook has made numerous public statements about privacy, it has failed to determine how it manages existing information to secure and protect personal information.
"Given the current plans for the rapid implementation of the Libera and Calibra systems, we are surprised and concerned that these additional details are not yet available," the statement added.
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Officials urged the Balance Group to provide more details, including how customers were identified and whether their statements would be shared among the 28 founding members of Libra.
Among the signatories are Elizabeth Denham, UK Information Commissioner, Giovanni Buttarelli, European Data Protection Supervisor, Rohit Chopra, Democratic Commissioner at the US Federal Trade Commission, Data Commissioners of Canada, Australia, Albania and
Facebook has been facing increasing resistance from regulators, central bank governors and politicians since the announcement of the project to launch a low-cost digital currency, in collaboration with 27 other companies, including Visa, Mastercard, Uber and Spotify – from here the end of the year. next year.
Privacy concerns – including how Facebook stored and processed users' sensitive financial information – was one of the problems following the Cambridge Analytica scandal, in which 87 million users had been wrongly third.
David Marcus, president of Calibra, appeared last month at Congressional hearings, where US lawmakers expressed concerns over privacy, money laundering, tax evasion and the disruption of financial stability in the broad sense.
US President Donald Trump, Treasury Secretary Steven Mnuchin and Fed Chairman Jay Powell also expressed doubts.
Facebook ignored the demands of politicians to stop its work until some of the issues raised at the start of a small pilot program were addressed, but said: He will not launch crypto- currency until it has not obtained regulatory approval in all areas.
The details of the news of the digital currency Facebook raise questions about the protection of privacy for the moment. We hope to have provided you with all the necessary details and information.
It should be noted that the original news has been published and that it is available on the Arabic portal of new techniques. It has been confirmed by the editorial team of Gulf 365 and may have been modified and fully transferred or cited. You can read and follow the evolution of this news from its main source.
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