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Cryptocurrencies

EU regulators concerned about competition restrictions created by Facebook's Libra

Wednesday 21 August 2019 | 10:48 AM CET

Facebook’ s proposed digital currency Libra has been facing antitrust probe by European Union regulators, Bloomberg reported.

Amid concerns that the proposed payment system would unfairly shut out rivals, the European Commission is ‘currently investigating potential anti-competitive behavior’ related to Libra, according to the publication’s report.

Moreover, EU officials said they were concerned how about Libra may create ‘possible competition restrictions’ on the information that will be exchanged and the use of consumer data, according to Bloomberg. The EU regulators are also examining the possible integration of Libra-backed applications into Facebook services such as WhatsApp and Messenger, said the report.

In July 2019, US lawmakers pointed out that Facebook had not shown it could be trusted to safeguard the world financial system and consumers’ data, according to Reuters.

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