Government Calls For Facebook Libra Fine Print
The Federal Government has joined seven other countries around the world in demanding more information from Facebook over its plans to launch its own cryptocurrency.
The Australian Privacy Commissioner wants Facebook to explain exactly how it will protect people’s financial information when it launches its cryptocurrency called Libra.
Facebook says the new cryptocurrency company, will allow money to be sent the same way as a text message but APC wants guarantees from the social network that people’s financial data won’t be shared without their consent.
Facebook is planning to launch Libra next year, but the proposal has been greeted with alarm by government’s and privacy activists around the world.
Information and Privacy Commissioner Angelene Falk, said there was a significant risk with Facebook having access to such a vast supply of personal information.
The digital wallet provider, called Calibra, is a subsidiary of Facebook. There is worldwide concern that data such as transaction history, could be passed back to Facebook and vice versa.