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Cryptocurrencies

Privacy commissioners from across the globe concerned over Facebook's Libra

Wednesday 7 August 2019 | 10:34 AM CET

Data protection chiefs from across the globe have expressed concerns over the privacy risks posed by Facebook’s Libra cryptocurrency project.

In a joint statement published by the UK Information Commissioner’s Office (ICO), data privacy commissioners from Australia, Albania, Burkina Faso, Canada, the EU, the UK, the US, shared concerns that “Facebook has failed to specifically address the information handling practices that will be in place to secure and protect personal information.”

Thus, authorities set out a list of questions that Facebook is expected to address, including how the Libra Network will provide end users with clear information on how their data will be used by project participants and how it will ensure that default privacy settings will not use misleading techniques to encourage people to share personal data with third parties.

Moreover, users’ personal data must be protected and Facebook is required to provide simple procedures for Libra users to “exercise their privacy rights, including deleting their accounts, and honouring their requests in a timely way”, according to CoinDesk. In the extensive list of questions, the group further seeks reassurance that Facebook would use “only the minimum amount” of personal data as required for the service.

Replying to these warnings, Facebook said that it won’t have access to personal financial information gathered for its planned cryptocurrency. However, the company’s blockchain lead, David Marcus, explained that third-parties would potentially be building products such as wallets for Libra.

As a result, these third parties would be responsible for how their Libra wallets are built, and “it will be the responsibility of these providers to determine the type of information they may require from their customers and to comply with regulations and standards in the countries in which they operate”, he added.

More: Link
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