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Home / Business / Facebook Libra did not reply to information request: Swiss Watchdog

Facebook Libra did not reply to information request: Swiss Watchdog



Although Facebook was set up in Geneva, the Waage project did not respond to a request from the Swiss Data Protection Authority for further information.

The Federal Data Protection and Information Commissioner (FDPIC) had requested further details on the balance in its supervision of the planned crypto-project.

"The FDPIC is currently waiting for the Libra Association to respond to the [its] letter of 17 July 2019 and set out its official position," the agency said in a statement on Tuesday. 19659002] When Libra was unveiled in mid-June, it was announced that the Libra Association, founded to develop and manage the stable coin, had been established in Switzerland. David Marcus, the Libra chief of Facebook, reported before a US Senate hearing in July that it is expected that the FDPIC is the DPA of the project.

The FDPIC announced shortly after the Senate hearing that the social media giants' lack of contact with Libra had led them to do so.

Among the expected details of Libra, the Commissioner expects an impact assessment of privacy risks and an assessment of risks and proposed countermeasures.

The Watchdog said: [1

9659008] "The FDPIC stated in its letter that as the Libra Association did not receive any information about which personal data could be processed, it should inform them about the current status of the project so that the FDPIC could assess the extent to which it is advisory competent and supervisory powers would apply. "

The FDPIC does not want to know more about Facebook's plans for the Libra and its potential risks.

Many regulators worldwide, including the G7 heads of state, have called for more information to be released for fear that the cryptocurrency could be used for money laundering and jeopardize financial stability.

The G7 said high-level rules would b The use of digital currency in money laundering and terrorist financing must be kept to a minimum.

A UK parliamentary committee announced this week that Facebook may be under investigation regarding Libra, as the company's poor privacy record could pose a threat to the Internet's financial data of its billions of users.

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