Facebook’s Libra may face hearings in UK over privacy concerns
After two straight hearings in the United States, Facebook may have to face United Kingdom’s House of Commons’ Digital, Culture, Media and Sport Committee, over Libra. Chairperson of the committee, Damian Collins, has serious doubts over the company’s commitment to protecting the financial data of Libra users.
“Libra suggests that Facebook’s almost trying to turn itself into its own country. [It] has a global community who are solely under the oversight of Mark Zuckerberg. If we’re going to have this payment system created by Facebook that exists within a Facebook walled garden, which no one really has access to or can question, then our concern has got to be that this system is going to be open to massive fraud.”
Earlier in July, David Marcus, the Facebook crypto head faced the US Senate Committee on Banking, Housing, and Urban Affairs and the House Financial Services Committee regarding Libra’s privacy concerns. Marcus said:
“You won’t have to trust Facebook to get the benefit of Libra. And Facebook won’t have any special responsibility over the Libra Network. But we hope that people will respond favorably to [Libra’s] Calibra wallet. We’ve been clear about our approach to financial data separation and we will live up to our commitments and work hard to deliver real utility.”
UK Finance Minister Philip Hammond, on the other hand, has a different POV on Libra. He stated that lawmakers should stay away from deciding the fate of Libra as it is the job for the regulators.