RATE Group | Federal Government ‘concerned’ over Facebook’s Libra cryptocurrency, demands fine print
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Federal Government ‘concerned’ over Facebook’s Libra cryptocurrency, demands fine print

05 Aug Federal Government ‘concerned’ over Facebook’s Libra cryptocurrency, demands fine print

Posted at 20:14h in Cryptocurrency News by

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Posted

August 06, 2019 05:33:28

The Australian Privacy Commissioner is cautioning Facebook to learn from its mistakes and explain exactly how it will protect people’s financial information when it launches its own cryptocurrency.

Key points:

  • Facebook says its new cryptocurrency company, Libra, will allow money to be sent the same way as a text message
  • Australia is one of seven countries asking Facebook to explain how people’s financial data would not be shared without consent
  • The Privacy Commissioner says the company needs to ‘learn from its mistakes’ before launching Libra in 2020

The social media giant and a consortium of partners are set to launch the new global digital currency called Libra next year, but Australia is one of many countries demanding the fine print now.

Information Commissioner and Privacy Commissioner Angelene Falk said there was a significant risk with Facebook’s involvement in…

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