{"id":112357,"date":"2019-08-22T22:54:26","date_gmt":"2019-08-23T05:54:26","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=112357"},"modified":"2020-04-09T18:42:42","modified_gmt":"2020-04-09T17:42:42","slug":"libra-antitrust-probe-eu","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/","title":{"rendered":"Libra getting examined in antitrust probe by EU’s executive body"},"content":{"rendered":"

Facebook\u2019s<\/a> bold \u201cnew global currency<\/a>,\u201d Libra<\/a>, was hit by an antitrust probe from regulators in the European Union because it could unfairly dominate the market, according to a document seen exclusively by Bloomberg<\/a>.<\/p>\n

The Executive Commission of the EU is studying Libra to see if it could breach anti-competition laws. Considering Facebook\u2019s historic use of consumer data and how it exchanges information, scrutiny of Libra mirrors concerns recently voiced<\/a> by top officials and financial institutions across Europe, said Bloomberg.<\/p>\n

Libra Association under scrutiny<\/h2>\n

The report Bloomberg examined did not disclose many specific concerns held by the EU\u2019s top branch, but did say they revolve around the \u201cgovernance structure and membership\u201d of the Libra Association, the Switzerland-based non-profit that governs the prospective digital currency.<\/p>\n

Regulators<\/a>, industry experts<\/a>, and the general public<\/a> have not hidden their skepticism for what privacy protections Facebook affords consumers, especially after scandals including Cambridge Analytica, among several others.<\/p>\n

Now, Libra could appear as the most powerful monopoly on consumer data to date, seeming to some as an attempt by the social media platform to seize power over not only over people\u2019s social networks but the monetary system at large.<\/p>\n

Corporate giants such as Uber, Vodafone, PayPal, Visa, Mastercard, Naspers, and Stripe are included as founding members of the Libra Association<\/a>, and per the Libra whitepaper will be directly involved in the network\u2019s upkeep as node operators. Yet, Congress and the Senate both have concerns that Facebook will have de facto control<\/a> over the association.<\/p>\n

Can Facebook be trusted?<\/h2>\n

Facebook has attempted to soothe concerns that Libra will outmuscle competition or violate privacy, saying the network will decentralize after five years. Many experts, however, disagree with this<\/a>, stating the Libra Association will have significant access to information and data as it builds its own global central bank\u2014arguing that it\u2019s unlikely that the corporations involved will give up this power.<\/p>\n

The probe comes as the latest pothole in Libra\u2019s evidently bumpy road to regulatory approval, with Facebook having told investors in July<\/a> the plan may be scrapped if it can\u2019t get clearance from policymakers.<\/p>\n

Nonetheless, the firm has voiced its intention to work with lawmakers internationally to gain approval. Facebook is currently hiring<\/a> a public policy manager in London to \u201cfocus on Europe and MENA on a team working on payments and blockchain regulatory policy development.\u201d It seems the social media giant will need all the lobbying help it can get.<\/p>\n","protected":false},"excerpt":{"rendered":"

Facebook\u2019s bold \u201cnew global currency,\u201d Libra, was hit by an antitrust probe from regulators in the European Union because it could unfairly dominate the market, according to a document seen exclusively by Bloomberg. The Executive Commission of the EU is studying Libra to see if it could breach anti-competition laws. Considering Facebook\u2019s historic use of […]<\/p>\n","protected":false},"author":175,"featured_media":108501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[61045,11],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nLibra getting examined in antitrust probe by EU's executive body<\/title>\n<meta name=\"description\" content=\"Facebook\u2019s bold \u201cnew global currency,\u201d Libra, was hit by an antitrust probe from regulators in the European Union because it could unfairly dominate the market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Libra getting examined in antitrust probe by EU's executive body\" \/>\n<meta property=\"og:description\" content=\"Facebook\u2019s bold \u201cnew global currency,\u201d Libra, was hit by an antitrust probe from regulators in the European Union because it could unfairly dominate the market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2019-08-23T05:54:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-09T17:42:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/06\/libra-privacy-social.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jonnie Emsley\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Libra getting examined in antitrust probe by EU's executive body\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jonnie Emsley\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/\"},\"author\":{\"name\":\"Jonnie Emsley\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/4cd1168beb97b8d0037f1d005a44ab08\"},\"headline\":\"Libra getting examined in antitrust probe by EU’s executive body\",\"datePublished\":\"2019-08-23T05:54:26+00:00\",\"dateModified\":\"2020-04-09T17:42:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/\"},\"wordCount\":422,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"articleSection\":[\"Privacy\",\"Regulation\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/#respond\"]}],\"copyrightYear\":\"2019\",\"copyrightHolder\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/\",\"url\":\"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/\",\"name\":\"Libra getting examined in antitrust probe by EU's executive body\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/#website\"},\"datePublished\":\"2019-08-23T05:54:26+00:00\",\"dateModified\":\"2020-04-09T17:42:42+00:00\",\"description\":\"Facebook\u2019s bold \u201cnew global currency,\u201d Libra, was hit by an antitrust probe from regulators in the European Union because it could unfairly dominate the market.\",\"breadcrumb\":{\"@id\":\"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/cryptoslate.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Libra getting examined in antitrust probe by EU’s executive body\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/cryptoslate.com\/#website\",\"url\":\"https:\/\/cryptoslate.com\/\",\"name\":\"CryptoSlate\",\"description\":\"Cryptocurrency News and Real-time Coin Data\",\"publisher\":{\"@id\":\"https:\/\/cryptoslate.com\/#organization\"},\"inLanguage\":\"en-US\"},{\"@type\":\"NewsMediaOrganization\",\"@id\":\"https:\/\/cryptoslate.com\/#organization\",\"name\":\"CryptoSlate\",\"url\":\"https:\/\/cryptoslate.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg\",\"width\":1000,\"height\":1000,\"caption\":\"CryptoSlate\"},\"image\":{\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/twitter.com\/cryptoslate\",\"https:\/\/www.instagram.com\/cryptoslate\",\"https:\/\/www.linkedin.com\/company\/cryptoslate\",\"https:\/\/www.youtube.com\/c\/cryptoslate\",\"https:\/\/cryptoslate.substack.com\",\"https:\/\/t.me\/cryptoslatenews\",\"https:\/\/www.tiktok.com\/@cryptoslatenews\"],\"publishingPrinciples\":\"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles\",\"ownershipFundingInfo\":\"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/\",\"correctionsPolicy\":\"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback\",\"ethicsPolicy\":\"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles\",\"foundingDate\":\"2017-08-04\",\"founder\":[{\"@type\":\"Person\",\"name\":\"Nate Whitehill\"},{\"@type\":\"Person\",\"name\":\"Matthew Blancarte\"}],\"contactPoint\":[{\"@type\":\"ContactPoint\",\"contactType\":\"customer support\",\"url\":\"https:\/\/cryptoslate.com\/contact\/\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"sales\",\"url\":\"https:\/\/cryptoslate.com\/advertising\/\",\"availableLanguage\":\"en-US\"},{\"@type\":\"ContactPoint\",\"contactType\":\"newsroom\",\"url\":\"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback\",\"email\":\"tips@cryptoslate.com\",\"availableLanguage\":\"en-US\"}],\"masthead\":\"https:\/\/cryptoslate.com\/about\/#masthead\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/4cd1168beb97b8d0037f1d005a44ab08\",\"name\":\"Jonnie Emsley\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley-150x150.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley-150x150.jpg\",\"caption\":\"Jonnie Emsley\"},\"description\":\"Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. Discovering new corners of the world and emerging tech trends makes him tick.\",\"url\":\"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Libra getting examined in antitrust probe by EU's executive body","description":"Facebook\u2019s bold \u201cnew global currency,\u201d Libra, was hit by an antitrust probe from regulators in the European Union because it could unfairly dominate the market.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/","og_locale":"en_US","og_type":"article","og_title":"Libra getting examined in antitrust probe by EU's executive body","og_description":"Facebook\u2019s bold \u201cnew global currency,\u201d Libra, was hit by an antitrust probe from regulators in the European Union because it could unfairly dominate the market.","og_url":"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/","og_site_name":"CryptoSlate","article_published_time":"2019-08-23T05:54:26+00:00","article_modified_time":"2020-04-09T17:42:42+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/06\/libra-privacy-social.jpg","type":"image\/jpeg"}],"author":"Jonnie Emsley","twitter_card":"summary_large_image","twitter_title":"Libra getting examined in antitrust probe by EU's executive body","twitter_creator":"@cryptoslate","twitter_site":"@cryptoslate","twitter_misc":{"Written by":"Jonnie Emsley","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/#article","isPartOf":{"@id":"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/"},"author":{"name":"Jonnie Emsley","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/4cd1168beb97b8d0037f1d005a44ab08"},"headline":"Libra getting examined in antitrust probe by EU’s executive body","datePublished":"2019-08-23T05:54:26+00:00","dateModified":"2020-04-09T17:42:42+00:00","mainEntityOfPage":{"@id":"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/"},"wordCount":422,"commentCount":0,"publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"articleSection":["Privacy","Regulation"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/#respond"]}],"copyrightYear":"2019","copyrightHolder":{"@id":"https:\/\/cryptoslate.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/","url":"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/","name":"Libra getting examined in antitrust probe by EU's executive body","isPartOf":{"@id":"https:\/\/cryptoslate.com\/#website"},"datePublished":"2019-08-23T05:54:26+00:00","dateModified":"2020-04-09T17:42:42+00:00","description":"Facebook\u2019s bold \u201cnew global currency,\u201d Libra, was hit by an antitrust probe from regulators in the European Union because it could unfairly dominate the market.","breadcrumb":{"@id":"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/cryptoslate.com\/libra-antitrust-probe-eu\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/cryptoslate.com\/"},{"@type":"ListItem","position":2,"name":"Libra getting examined in antitrust probe by EU’s executive body"}]},{"@type":"WebSite","@id":"https:\/\/cryptoslate.com\/#website","url":"https:\/\/cryptoslate.com\/","name":"CryptoSlate","description":"Cryptocurrency News and Real-time Coin Data","publisher":{"@id":"https:\/\/cryptoslate.com\/#organization"},"inLanguage":"en-US"},{"@type":"NewsMediaOrganization","@id":"https:\/\/cryptoslate.com\/#organization","name":"CryptoSlate","url":"https:\/\/cryptoslate.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/05\/c-logo.jpg","width":1000,"height":1000,"caption":"CryptoSlate"},"image":{"@id":"https:\/\/cryptoslate.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/twitter.com\/cryptoslate","https:\/\/www.instagram.com\/cryptoslate","https:\/\/www.linkedin.com\/company\/cryptoslate","https:\/\/www.youtube.com\/c\/cryptoslate","https:\/\/cryptoslate.substack.com","https:\/\/t.me\/cryptoslatenews","https:\/\/www.tiktok.com\/@cryptoslatenews"],"publishingPrinciples":"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles","ownershipFundingInfo":"https:\/\/cryptoslate.com\/disclaimers\/how-cryptoslate-makes-and-spends-money\/","correctionsPolicy":"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback","ethicsPolicy":"https:\/\/cryptoslate.com\/editorial-policy\/#editorial-principles","foundingDate":"2017-08-04","founder":[{"@type":"Person","name":"Nate Whitehill"},{"@type":"Person","name":"Matthew Blancarte"}],"contactPoint":[{"@type":"ContactPoint","contactType":"customer support","url":"https:\/\/cryptoslate.com\/contact\/","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"sales","url":"https:\/\/cryptoslate.com\/advertising\/","availableLanguage":"en-US"},{"@type":"ContactPoint","contactType":"newsroom","url":"https:\/\/cryptoslate.com\/editorial-policy\/#corrections-feedback","email":"tips@cryptoslate.com","availableLanguage":"en-US"}],"masthead":"https:\/\/cryptoslate.com\/about\/#masthead"},{"@type":"Person","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/4cd1168beb97b8d0037f1d005a44ab08","name":"Jonnie Emsley","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/cryptoslate.com\/#\/schema\/person\/image\/","url":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley-150x150.jpg","contentUrl":"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/10\/author-jonnie-emsley-150x150.jpg","caption":"Jonnie Emsley"},"description":"Jonnie is a writer and blockchain enthusiast based in Ho Chi Minh City, Vietnam. Discovering new corners of the world and emerging tech trends makes him tick.","url":"https:\/\/cryptoslate.com\/author\/jonnie-emsley\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/112357"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/175"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=112357"}],"version-history":[{"count":1,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/112357\/revisions"}],"predecessor-version":[{"id":112358,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/112357\/revisions\/112358"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/108501"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=112357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=112357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=112357"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=112357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}