UK Data Protection Watchdog Raises Concerns Over Facebook’s Libra

The United Kingdom’s Information Commissioner’s Office (ICO) has requested, along with a number of other jurisdictions, that the companies in the Libra Association provide details on how they plan to protect user data.

The ICO has released a joint statement on global privacy expectations of the Libra network on Aug. 5 that is addressed to Facebook and 28 other organizations behind the Libra and Calibra projects. The letter specifically asks the companies to explain how they plan to collect and process users’ personal data according to data protection laws.

The letter notes that the Libra Association will become a custodian of massive amounts of user financial data, adding:

“These risks are not limited to financial privacy, since the involvement of Facebook Inc., and its expansive categories of data collection on hundreds of millions of users, raises additional concerns.”

The letter is signed by a cross-section of authorities such as the Information and Data Protection Commissioner, the Australian Information and Privacy Commissioner, the Canadian Privacy Commissioner, the President of the Commission for Information Technology and Civil Liberties, the European Data Protection Supervisor, and the United States Commissioner of the Federal Trade Commission. British Information Commissioner Elizabeth Denham said:

“We know that the Libra Network has already opened dialogue with many financial regulators on how it intends to comply with financial services product rules. However, given the rapid plans for Libra and Calibra, we are concerned that there is little detail available about the information handling practices that will be in place to secure and protect personal information.”

In July, U.S. lawmakers grilled Facebook’s David Marcus on the new project in a series of hearings at the Senate and the House of Representatives. Several legislators, including Senator and presidential candidate Elizabeth Warren, expressed concerns over data portability and privacy.

That same month, Facebook told its investors in its latest quarterly report that, while the firm expects to launch Libra next year, regulatory pushback could significantly delay or prevent its release. 

8  Comments Add a comment…

  • UK Data Protection Watchdog Raises Concerns Over Facebook’s Libra Henry Westbrock  

    JUST RAISED??? Wow, idiots

    Reply

  • CyptoMan  

    The letter specifically asks the companies to explain how they plan to collect and process users’ personal data according to data protection laws

     

    Easy thing would be to not take users personal data, Its more of a fraud risk to take users personal details than not, if i don;t have detail i can not lose them or misplace them or have any security breach because i dont have the details.

    Hacks, poor encryption, non existent securety to save, store and secure data has more chance of been stolen and sold on…..

     

    No details = No personal data breach

     

    There is something fishy about all exchanges suddenly wanting users personal data.. I thought crypto was about taking away rom the authorites not giving to them. haha what a joke it;s all become. And they use the fake and false B.S about AML rules and the rubbish that goes along with that..

    Reply

  • CyptoMan  

    How backwards can one sentence be

     

    ”collect and process users’ personal data according to data protection laws”

     

    1.

    ”collect and process users’ personal data ”

     

    2.

    ”data protection laws”

     

    The best way for people to protect their personal data is to never give it to anybody else in the first place.. They think we are stupid..

    Reply

  • Mitsui  

    Facebook is probably delusional if it thinks authorities will let them off the hooks after what happened. An explanation on user data protection is definitely needed along with countermeasures.

    Reply

    • This comment has been deleted

    • UK Data Protection Watchdog Raises Concerns Over Facebook’s Libra Natasha Moore Mitsui  

      Facebook isn’t stupid. Don’t you think they have taken “countermeasures” post that infamous data breach? It wasn’t easy for them either.

      Reply

      • UK Data Protection Watchdog Raises Concerns Over Facebook’s Libra Evans Strou Mitsui  

        You think Facebook was stupid when data breach happened? One little bugger all it took. Picture Facebook launching Libra and similar incident happens? Concern is genuine.

        Reply

    • UK Data Protection Watchdog Raises Concerns Over Facebook’s Libra Mr. Lou Mitsui  

      Yes, exactly! The way Facebook is pushing Libra’s launch says there’s something to be concerned about.

      Reply

Be the first to comment

Leave a Reply

Your email address will not be published.


*