8/6, 3:20 PM (Source: TeleTrader)
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Data protection watchdogs urge FB to amp up Libra's privacy

Top data protection authorities from the United States, the United Kingdom, the European Union, and several other countries stated on Tuesday that Facebook Inc.'s proposed digital currency Libra would represent a privacy risk for its users. In a joint statement, privacy enforcement officials said that Facebook and its subsidiary Calibra failed to "specifically address the information handling practices that will be in place to secure and protect personal information."

They also expressed concerns and asked the social media giant for stronger personal data protection safeguards, as well as for details on the inner workings of the data retention. The watchdogs noted that the list of questions sent is a "non-exhaustive list," adding that individual data protection bodies may ask Libra's representatives for further clarification in the future.

David Marcus, head of the Facebook's Calibra, earlier said that Libra will not be released before getting regulatory approval and fully addressing all concerns relating to the digital currency.

Breaking the News / MA