MPs to scrutinise Facebook’s new cryptocurrency

An influential British parliamentary committee wants to probe Facebook’s controversial new cryptocurrency over fears that the social media giant’s move into the financial sector will grant it too much power.

Damian Collins, chair of the House of Commons’ Digital, Culture, Media and Sport Committee, told Financial News he is concerned about the launch of Libra, and Facebook’s ability to safeguard the personal financial details of billions of users after a string of privacy scandals in recent years. 

“To me, [Libra] suggests that Facebook’s almost trying to turn itself into its own country,” said Collins, a longstanding critic of the social network, who led an 18-month investigation into the company following the Cambridge Analytica data scandal.