Cryptocurrency
Facebook’s Libra Currency Gets European Union Antitrust Scrutiny
As reported by Bloomberg, “European Union antitrust regulators are already probing Facebook Inc.’s two-month-old Libra digital currency project, according to a document seen by Bloomberg. “The European Commission is ‘currently investigating potential anti-competitive behavior’related to the Libra Association amid concerns the proposed payment system would unfairly shut out rivals, the EU authority said in a questionnaire […]
As reported by Bloomberg, “European Union antitrust regulators are already probing Facebook Inc.’s two-month-old Libra digital currency project, according to a document seen by Bloomberg.
“The European Commission is ‘currently investigating potential anti-competitive behavior’related to the Libra Association amid concerns the proposed payment system would unfairly shut out rivals, the EU authority said in a questionnaire sent out earlier this month.
“Officials said they’re concerned about how Libra may create ‘possible competition restrictions’ on the information that will be exchanged and the use of consumer data, according to the document, which is a standard part of an early-stage EU inquiry to gather information.
“The investigation into founder Mark Zuckerberg’s ambitions to take on traditional cash adds to another preliminary EU investigation into how Facebook may unfairly use its power to squeeze rival apps. The Brussels-based commission, Europe’s most feared regulator, has already targeted Google and Apple Inc.
“Facebook and the commission both declined to comment on the investigation. The Menlo Park, California-based company has previously promised to appease all regulators before launching the cryptocurrency, a process that could take some time.”
Continue to read the full story on Bloomberg.
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