European Union antitrust regulators are looking into Facebook's Libra
According to a document seen by Bloomberg, EU's antitrust regulators are looking into whether Facebook's proposed payment system will shut out others unfairly.
The European Commission is "currently investigating potential anti-competitive behaviour" related to the Libra Association. It has been said that the concern surrounds Libra comes from the way the data may be shared and the information that may be collected by Facebook and its partners.
Both Facebook and the EU commission have both decided not to comment on the story but we are in the very early stages of this investigation. This is a problem that has not been faced by any government. A private company potentially being able to take control of all monetary power.
The document also calls into question the way Facebook could add payment services into its other products such as Instagram and WhatsApp. Facebook is trying to play ball as they have previously promised to appease all regulators before launching the cryptocurrency, which is a process that could take some time.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
