FILE IMAGE: Representations of virtual currency are to be displayed on the front of the monitor the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Image/File Photo
(Reuters) – Facebook Inc’s (FB.(O) the proposed digital currency, weight Scale, faces anti-trust probe by European Union regulators, Bloomberg reported on Tuesday, citing a document viewed by the organization.
The European Commission is “currently examining the potential for anti-competitive behaviour in relation to the Scale, to middle of the to ensure that the proposed payment system would have unfairly shut out competitors, according to the report. (“bloom”.doc/2MtdtBd)
Libra is a world-wide crypto-currency by Facebook, which is set to launch in 2020.
EU officials said they were concerned about how the Scale can be used to create a “potential competition” is the information that is being exchanged, and use of consumer data, according to the international monetary Fund.
The regulators in the EU to examine the possible integration of a Scale-back applications on Facebook, services such as WhatsApp, instant messaging application, according to the report.
Last month, U.S. lawmakers pointed out that Facebook had failed to demonstrate it can be trusted to protect the global financial system and the consumer of the data.
Facebook, as a president of the European Commission, said she had no comment.
The company’s shares moved slightly lower on the news, but compared to the losses later in the day.
Report by Ayanti Berra in Bengaluru; Editing by Shinjini Ganguli