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Facebook reportedly hasn’t contacted the regulator it says will oversee Libra’s privacy and data security – TechCrunch

A Swiss regulatory company that Fb government David Marcus mentioned in Congressional testimony could be chargeable for overseeing knowledge and privateness protections for the corporate’s newly launched cryptocurrency, Libra, has not been contacted by Fb, based on a report.

CNBC is reporting that the Swiss Federal Knowledge Safety and Info Commissioner, who Marcus mentioned would oversee knowledge protections for its cryptocurrency in his testimony earlier than the Senate Banking Committee, has but to listen to from the corporate which is relying on it for oversight.

In a press release supplied to CNBC, Hugo Wyler, who’s the top of communication on the FDPIC mentioned:

“We have taken note of the statements made by David Marcus, Chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until today we have not been contacted by the promoters of Libra… We expect Facebook or its promoters to provide us with concrete information when the time comes. Only then will we be able to examine the extent to which our legal advisory and supervisory competence is given. In any case, we are following the development of the project in the public debate.”

Fb’s tried end-run round nationwide financial coverage already has been criticized by lawmakers within the U.S. and all over the world.

“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users… Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congres and regulators have the opportunity to examine these issues and take action,” said Congresswoman Maxine Waters, who heads the Home Monetary Providers Committee, in a press release on the day Fb introduced its cryptocurrency.

Federal Reserve chairman, Jerome Powell, additionally had harsh phrases for Fb and its deliberate cryptocurrency. “Libra raises many serious concerns regarding privacy, money laundering, consumer protection, and financial stability,” Powell mentioned final week.

Even Treasury Secretary Steven Mnuchin, usually a proponent of laissez faire approaches to non-public enterprise, voiced considerations about Libra that appeared to echo Powell’s.

“Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human trafficking,” Mnuchin mentioned in a press convention yesterday.

 

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