Facebook's cryptocurrency Libra to face antitrust probe by European Union regulators

EU officials said they were concerned how about Libra may create “possible competition restrictions” on the information that will be exchanged


Facebook Inc’s proposed digital currency Libra faces anti-trust probe by European Union regulators, Bloomberg reported on Tuesday, citing a document seen by the organisation.

The European Commission is "currently investigating potential anti-competitive behaviour" related to Libra amid concerns that the proposed payment system would unfairly shut out rivals, said the report.

Libra is a global crypto-currency by Facebook, set to launch in 2020.

Facebooks cryptocurrency Libra to face antitrust probe by European Union regulators

Image: Reuters

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.

Last month, US lawmakers pointed out that Facebook had not shown it could be trusted to safeguard the world financial system and consumers’ data.

(Also Read: Facebook announces Calibra, a digital wallet for its Libra cryptocurrency)

Facebook, as well as a spokeswoman for the European Commission, said they had no comment.

The company’s shares moved slightly lower on the news but pared losses later in the day.

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