Libra, the cryptocurrency project headed by Facebook and the Libra Association, is getting heat from several privacy and data protection regulators around the world. According to recent reports made by The Block Crypto, regulators from countries such as the United States, Canada, United Kingdom, Australia and the European Union are all concerned about Libra and its possible effects.
These regulators believe that Facebook has obviously failed to answer their concerns about how it handled data privacy in the past. With the advent of Libra, things are bound to take a turn for the worse.
The company has plans for rapid implementation of the product, but it does not seem to have a great plan on how to keep the information from the clients private. The Libra Association and Calibra will become custodians of the personal information of several people after the product goes live, so these issues need to be addressed before the official launch.
In order to stop the issue before it exists, the authorities have urged the Libra Association and its Facebook relatives to detail more about how the information will be kept.
Not all regulators are necessarily anti-Libra, but the security breaches that it may cause are basically unanimous for the regulators: they want a solid plan or Libra will face even more heat before its launch (if the launch indeed happens).
Facebook is now preparing by… hiring lobbyists. Susan Zook, a former aide of Mike Crapo, was hired by the company recently in order to protect its interests. Unfortunately, it simply does not look like Facebook has a great plan for handling the private information or the company would simply present it instead of hiring more lobbyists.