UE Commitee Investigates Libra, Facebook's New Cryptocurrency

1 min reading

There are more and more doubts regarding Libra cryptocurrency, and now the European Union also became interested in the project. What's the reason?

European research on Facebook

According to information published on the Bloomberg platform, antitrust authorities in the European Union are investigating Facebook's currency project. The Commission is analyzing potential anti-competitive behaviour related to the project, as there are concerns that the proposed payment system would unfairly beat its rivals.

Libra is a threat to the competition?

Officials are concerned about how quickly Facebook's currency is growing. There are fears that the company may get an unfair advantage over its competitors when it comes to payments due to its huge user base - Facebook has more users than the population of China and the United States combined!
More doubts
The investigation of Mark Zuckerberg and his further plans to develop the platform will complement current antitrust investigations. The EU is also concerned about the structure of the Libra Association and how the currency will make share its information. Both Facebook and the Commission declined to comment on the subject.

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