Global Privacy Regulators are Set to Get More Details from Libra Project
The announcement of the Libra's launch has seriously terrified governors. Firstly, the Libra representatives spoke to the US Congress, and now they will have to provide authorities with its data protection and privacy methods. In particular, regulators are interested in the issue of protecting private data as part of their global cryptocurrency initiative.
Details of the data usage process were requested by the Office of the Australian Information Commissioner and the UK Information Commissioner’s Office and backed by data protection authorities from the United States, Canada, and the European Union.
Angelene Falk, the Australian Information Commissioner and Privacy Commissioner said:
Given the many initiatives taking place in our finance and technology sector, privacy must be a key component of any significant digital initiative such as Libra.
Why Does Libra Catch Eye
Facebook has been at the center of major scandals regularly. The social giant was suspected of negligence or remissness in the privacy protection of its users.
Investors accused Facebook of having knowingly false or misleading statements. The company also violated its rules regarding the protection of personal information. However, Facebook keeps denying all the before-mentioned claims.
In this regard, the authorities urged Libra to provide more aspects to them. They are interested in issues such as the use of private data and the possibility of forwarding them to members of the Libra Association and third parties.
According to governors, it is the transparency of businesses and the proper management of confidentiality are key factors for innovation and data protection.
To date, Facebook and Calibra have made widespread public confidentiality statements. At the same time, they have not been able to specifically recognize information processing methods that they will apply to ensure the security and protection of private data.
Governors are scared by the possibility of the global currency appearance under the control of a social network, whose audience totals 2.4 billion users.
This combination of vast reserves of private data with the commercial instruments and crypto reinforces privacy concerns regarding Libra network design and data exchange mechanisms.
David Marcus and Mark Zuckerberg have assured regulators of the transparency of their aims, arguing that all transactions will be pseudonymous. Both said they will spend as much time as is necessary to meet all requirements and standards.