Beautiful Virgin Islands

Tuesday, Jul 01, 2025

The EU is questioning Facebook about risks from libra cryptocurrency

The EU is questioning Facebook about risks from libra cryptocurrency

The EU has sent a questionnaire to Facebook and the Libra Association seeking clarification about their proposed digital currency called libra.
The EU has sent a questionnaire to Facebook and the Libra Association seeking clarification about their proposed digital currency called libra.

The questionnaire has added another layer of scrutiny to the digital currency project.

PayPal announced Friday it was withdrawing from the project.

The executive branch of the European Union has sent a questionnaire to Facebook and the Libra Association seeking clarification about their proposed digital currency called libra.

Fresh questions posed by the European Commission “go beyond” previous antitrust concerns it raised with the Libra Association, the spokesperson said.

The questionnaire has added another layer of scrutiny to the digital currency project that Facebook launched in June. Regulators, policymakers and politicians around the world have piled on criticism of the project since it was unveiled.

“The Libra Association welcomes this public policy dialogue and multi-stakeholder process that will help unleash economic and social potential of digital currencies,” said Dante Disparte, Head of Policy and Communications for the Libra Association, in a statement Monday.

The latest round of questioning from the EU was first reported by the Financial Times on Sunday. The FT, citing a copy of the document, said the EU raised concerns over financial stability, money laundering and data privacy risks.

European countries like France have vowed to block libra’s development, saying it poses a risk to the sovereignty of nations’ currencies. Data privacy regulators in Europe have also expressed doubts over the combination of “vast reserves” of personal and financial information which would be gathered as part of the libra proposal.

Meanwhile, members of the House Financial Services Committee are demanding testimony by Facebook CEO Mark Zuckerberg on the company’s plans related to libra.

PayPal announced Friday it was withdrawing from the Libra Association, a Swiss-based nonprofit overseeing the project. The payments firm said it would focus instead on its own efforts to “democratize access to financial services for underserved populations.”

The Libra Association maintains its goal is to create a low-cost, fast payments network that can “empower billions of financial underserved people.” The 27 founding members of the association, which includes Facebook as well as other tech firms like Uber and Spotify, are scheduled to meet next week in Geneva, Switzerland.

In a tweet Friday, the Libra Association said 1,500 entities have “indicated enthusiastic interest” to participate in the project.
Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
Russian Shadow Payments via Cryptocurrency Reach $9 Billion
Explosions Rock Doha as Iranian Missiles Target Qatar
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
×