Aug 5, 2019

Facebook: UK privacy chief joins warning about cryptocurrency

The UK's data privacy chief has joined the chorus of warnings over Facebook's proposed digital currency, Libra. Monday's statement from the privacy chiefs calls on Facebook to provide more details about how the tech giant will protect user data. "Facebook's involvement is particularly significant, as there is the potential to combine Facebook's vast reserves of personal information with financial information and cryptocurrency, amplifying privacy concerns about the network's design and data-sharing arrangements." "It said:"As representatives of the global community of data protection and privacy enforcement authorities, collectively responsible for promoting the privacy of many millions of people around the world, we are joining together to express our shared concerns about the privacy risks posed by the Libra digital currency and infrastructure. Last month, Libra chief David Marcus, told the Senate Banking, Housing and Urban Affairs Committee he understood "Loud and clear" that people do not want financial details connected to their social media data.

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