Information Commissioner raises privacy concerns over Facebook’s Libra cryptocurrency pl…

Facebook’s past privacy breaches suggest financial information might not be safe if it launches cryptocurrency, the Information Commissioner has warned.

Elizabeth Denham said the prospect of Facebook gaining a huge cache of financial information on its users had “amplified” her concerns about its data sharing practices.

Her comments come as she added her name to a letter with other regulators from the US, Canada, Australia and the EU asking the social media giant to explain how it plans to handle people’s sensitive financial data when it launches its new Libra currency.

Facebook announced plans to release the new cryptocurrency earlier this year in what is being seen as an effort to challenge traditional bank transfers, online payments and credit cards.

The cryptocurrency is expected to launch early next year with a “wallet” app for buying and selling Libra as well as sending money to other users and shopping.

The social network has said it will not directly control…