Regulatory Heads of Seven Countries Concerned that Libra’s Privacy Policy is Insufficient

Heads of regulators around the world, who oversee the protection of personal information and privacy of data, have raised concerns about Facebook’s cryptocurrency project, Libra.

The UK’s ICO issued a joint statement on Tuesday with Australia, Albania, Burkina Faso, Canada, the European Union, and the US data protection agency.

“Facebook and Calibra, a subsidiary of Facebook, which makes cryptocurrency wallet, has repeatedly said that it will do its best to protect users’ privacy publically. But there are no specific plans on how to ensure that privacy is not compromised. In this situation, Libra is planning to launch a cryptocurrency next year. It’s very alarming to have such a hasty launch schedule with no real privacy policy. ” Joint Statement by Global Data Protection Agency

The heads of agencies that regulate data protection provided a list of questions that Facebook should answer. First, Facebook needs to make clear to Libra network users that Libra is responsible for managing and protecting their personal information and Libra usage. In addition, privacy must be promised not to induce the user to agree to share personal information or hand over data to third parties without his knowledge.

The chief executives also asked Facebook to publicly promise to use only the minimum amount of personal information necessary to operate the service and to handle it within the legal framework. It also adds that personal information is fully protected and users need to quickly and easily handle requests when they delete their account or block their information in order to protect their privacy.

The heads of the signing of the joint statement called for the public to express these concerns to Facebook as soon as possible. They pointed out that in the past, Facebook did not find and corrected the lack of privacy regulations until it launched the service.

Global regulators are scrutinizing the Libra project. Regulatory agencies in Switzerland, Singapore and other countries have asked Facebook to submit more information about the Libra project, and the US Senate Finance Committee held two hearings last month, raising concerns about the government and regulators surrounding the Libra project. Was publicized.

Facebook said that in principle, Facebook does not have separate access to personal information, including financial information such as Libra usage history. However, David Markus, Facebook’s blockchain general manager and Calibra’s president, admitted that a third party would make and supply a product like a digital wallet for Libra’s use, which would handle the user’s personal information. However, Marcus said the responsibility for the privacy policy rests with the digital wallet company, which is a third party. “It’s a matter of responsibility and decision to meet the country’s standards and regulatory environment.”

“I hope this statement makes it clear that data protection is a key issue in the Libra project, and that organizations responsible for data protection should be included in major regulators in preparation for the release of Libra.” – Elizabeth Denum, Director of Information Management, UK

(Source: Coindesk )

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