The small toy figures are to be seen in the representations of the virtual currency in the front end of the Scale, the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Illustration
BONN, Germany (Reuters) – Cryptocurrencies are supported by large internet-based companies would have to be under the control of a violation of the regulatory authorities, the head of the German federal cartel office said on Thursday, after Facebook last week launched its own version of it.
Central bankers and financial watchdogs were quick to raise concerns about Facebook’s planned Scale is a global cryptocurrency, saying that it was so close as to disrupt the global monetary policy environment.
Germany’s anti-trust watchdog’s president Andreas Mundt, who has worked with the world’s largest social network, compared to other areas of the business, told reporters that the cryptocurrencies were launched by companies such as Facebook can be a issue for us.”
Mundt has taken to Facebook to make the task of processing the data collected from the users of the social networking and messaging apps, without the consent of the company, founded by CEO Mark Zuckerberg abused its dominant position in the market.
In its ruling in February, the German federal cartel office ordered Facebook to curb the collection of data. The company has appealed that decision, which is now before the German courts.
Reporting by Matthias Inverardi; Writing by Douglas Busvine; Editing by Tassilo Hummel, Alexander Smith,