Latest in Gear

Image credit: ASSOCIATED PRESS

Facebook’s Libra Association is being investigated by EU antitrust regulators

The European Commission is investigating the association’s governance and membership.
102 Shares
Share
Tweet
Share
Save

Sponsored Links

ASSOCIATED PRESS

Facebook's Libra cryptocurrency project is being probed again, this time by European Union antitrust regulators. The European Commission said it is "currently investigating potential anti-competitive behavior," related to the Libra Association, Bloomberg reports. In a questionnaire sent out this month, the EU authority expressed concerns that Libra would unfairly shut out rivals.

The investigation, still in its early stages, is examining the governance structure and membership of the Libra Association. The purpose-built, independent nonprofit is meant to govern the digital currency. Founding members include the likes of MasterCard, PayPal, Visa, eBay, Spotify, Uber and Lyft. According to Bloomberg, regulators fear that the way information will be exchanged and the use of consumer data could create "possible competition restrictions."

The US Treasury has already expressed its "serious concerns" regarding Libra. In particular, it noted fears that the digital currency could be misused by bad players, like money launderers and terrorist financiers. Facebook promised it won't make Libra available until regulators are onboard. That will likely be an ongoing and uphill battle.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.
Comment
Comments
Share
102 Shares
Share
Tweet
Share
Save

Popular on Engadget

LG's 2020 Gram laptops add 10th-gen Ice Lake CPUs

LG's 2020 Gram laptops add 10th-gen Ice Lake CPUs

View
Yubico's authenticator app now supports NFC for iOS devices

Yubico's authenticator app now supports NFC for iOS devices

View
$35 off coupon makes Google's Titan security keys almost free

$35 off coupon makes Google's Titan security keys almost free

View
Logitech made a $200 webcam for Apple's $5,000 pro display

Logitech made a $200 webcam for Apple's $5,000 pro display

View
Co-operative horror shooter ‘GTFO’ hits Steam Early Access

Co-operative horror shooter ‘GTFO’ hits Steam Early Access

View

From around the web

Page 1Page 1ear iconeye iconFill 23text filevr