ZURICH (Reuters) – Facebook Inc’s (FB.(O) Scale cryptocurrency project that has not responded to a request for information to Switzerland and the data privacy watchdog, the Dutch authority said on Tuesday, noting’d like more details to help with defining its monitoring role on the AMERICAN social media company, and the proposed digital currency.
FILE PHOTO: a Small toy figures in the painting 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/Image/File Photo
Facebook in mid-June, it announced the launch of the monitor in the next year it expands into e-commerce and digital payments. Since then, it has faced scrutiny by politicians, regulators and central bankers from around the world, including more than a fear that the widespread adoption due to Facebook’s 2.38 billion users, and can lead to a disruption of the financial system, and the facilitation of money laundering.
David Marcus to oversee Facebook’s currency for the project, said at a U.S. Senate held a hearing earlier this month that he expected that the Swiss Federal Data Protection and Information Commissioner (FDPIC) will be Libra’s privacy watchdog. This is due to the non-profit Libra’s Association, of which Facebook had been established to oversee the currency, and is located in Switzerland.
In a statement, the FDPIC said that it was a letter addressed to the association, on the 17th of July, because it had not yet heard of the group on the project.
Facebook does not immediately respond to a request for comment.
Among other things, the Swiss data privacy authority, said that the anticipated Balance for carry out an impact assessment of data protection risks associated with the cryptocurrency, assess risks, and propose measures to minimize them.
“The FDPIC maintains in its letter that if it does not receive an indication as to which of your personal data may be processed, the Scale, the Association will need to keep the user informed about the current status of the project, and that the FDPIC be able to assess the extent to which in the opinion of the competence, and the regulatory powers should have been,” the watchdog said.
“The FDPIC is currently waiting on the monitor, the Association to respond to the letter dated July 17, 2019 at the latest, and an official position.”
Mark had told me earlier that the united states Senate, that the club has held talks with the Swiss Financial market Supervisory Authority “of an appropriate regulatory framework.”
Facebook deals with the privacy of the data that is the focus of the criticism, and the united states, the Federal Trade Commission is set to announce that the company has, in the wiping, the handling of the allegations made in the treatment of users ‘ privacy, and would have to pay $5 billion, two people briefed on the matter told Reuters on Tuesday.
Report by John Miller; editing by David Evans and Richard Chang