- Bloomberg reports the EU is probing whether Libra might violate competition law.
- Facebook is also facing antitrust scrutiny in the US.
ADVERTISEMENT
The EU is reportedly investigating Facebook's Libra cryptocurrency over antitrust concerns (FB)
The European Commission is investigating Facebook's cryptocurrency plans over antitrust concerns.
Mark Zuckerberg Facebook CEO
ADVERTISEMENT
Recommended articles
Facebook is apparently facing another antitrust inquiry this one relating to Libra, its cryptocurrency project.
On Tuesday, Bloomberg reported that the European Commission has been reaching out to unspecified individuals or organisations about Libra , telling them that it is "currently investigating potential anti-competitive behaviour."
A European Commission spokesperson declined to comment to Business Insider, as did a spokesperson for Facebook.
ADVERTISEMENT
Announced in June 2019 , Libra plans to be a digital currency that will help internet users make purchases and send money across border without the friction of traditional currencies. Created by Facebook, it will be governed by the Libra Association, a non-profit organization comprised of the project's other two-dozen-plus founding member companies, including Mastercard, Uber, and Spotify.
Facebook has weathered numerous scandals over the last two years, and is now facing increased regulatory scrutiny including a US Federal Trade Commission antitrust probe examining its acquisitions of companies like Instagram and WhatsApp.
Now Libra, its newest (and highly ambitious) initiative is also coming under the microscope. According to Bloomberg's report, the European Union body is looking into whether Libra will "create 'possible competition restrictions' on the information that will be exchanged and the use of consumer data."
The Libra Association did not immediately respond to a request for comment.
Do you work at Facebook? Got a tip? Contact this reporter via encrypted messaging app Signal at +1 (650) 636-6268 using a non-work phone, email at rprice@businessinsider.com, Telegram or WeChat at robaeprice, or Twitter DM at @robaeprice . (PR pitches by email only, please.) You can also contact Business Insider securely via SecureDrop .
ADVERTISEMENT
Read more:
- Instagram's lax privacy practices let a trusted partner track millions of users' physical locations, secretly save their stories, and flout its rules
- Mark Zuckerberg's personal security chief accused of sexual harassment and making racist remarks about Priscilla Chan by 2 former staffers
- Facebook says it 'unintentionally uploaded' 1.5 million people's email contacts without their consent
- Years of Mark Zuckerberg's old Facebook posts have vanished. The company says it 'mistakenly deleted' them.
NOW WATCH: Watch SpaceX's 'most difficult launch ever'
See Also:
- Tesla leaders reporting to Elon Musk are far more likely to quit than similar executives at Facebook, Amazon, and Uber
- Google employees are circulating a memo written by a former Googler who says they encountered racism and 'never stopped feeling the burden of being black' while working there
- Facebook overhauls group privacy settings and gives admins tools to scan rule-breaking posts in its war on toxic content
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Congo is spending 22% of its scarce revenue on security - Minister
Another African country is set to get a Russian embassy
Medic West Africa 2024: A resounding success in fostering collaboration and innovation for a brighter healthcare future
10 African countries with the most troubling external debt in 2024
10 African countries with the least soft power influence over the world
Kenyan government rejects calls to ban TikTok, recommends tighter control over
Congo accuses Apple of conflict minerals in its supply chain
Top 10 African countries with the highest fuel prices in April 2024
