The EU Commission is examining Facebook’s currency project Libra to possible anti-competitive practices. A corresponding questionnaire sent by the competition authorities at the beginning of the month to the members of the Libra Association. Thus, the organization must stand behind the yet unborn currency, just two months after its public proclamation against monopoly of suspicion.
By David Barkhausen
22. August 2019BTC$10.082,56 0.30%part Facebook Twitter LinkedIn xing mail
For Facebook, the EU Commission is a well-known opponent. More particularly, the corporations feared competition Commissioner Magrethe Vestager is for their fight against the technology giant now known around the world. The Commission also adopts Facebook’s controversial currency project Libra under the magnifying glass. This is the US economic news, Bloomberg reports on Tuesday, the 20. August.
As of a specific questionnaire to participating companies, check the top competition authorities, currently, if the Libra Association, the parent Association at the back of the Stable Coin, anti-competitive practices, guilty and potential competitors from the market is of the essence. Thus, the unborn, the currency is already two months after its public announcement under monopoly suspicion.
So the EU are concerned-officials, what is the „potential competition could bring barriers“ Libra, with a view to the exchange and use of consumer data. Above all, the future involvement of the Coins in the well-known Facebook services Messenger and WhatsApp, according to the questionnaire, which is part of the standard procedure, the competitive investigation, for the investigators is crucial.
Also want to take the competition authorities of the organization and membership of the Libra Association in the view. That the Association of such a monopoly is suspected, has always been threatened, suggests a view on its members. Alone from the circles of the world payment service providers connected with your Visa, MasterCard, and PayPal the Social Media giant, three key industry representatives.
responses from Facebook on the one Libra of participating companies on the other hand, are hour.
What are the answers to the competition?
From the industry there, meanwhile the all-clear, which relates to the feared monopoly of Libra. Only this week Cameron Winklevoss stressed to CNN that it would be only a matter of time until Facebook got competition. So the Internet are companies like Google, Amazon and Apple are already in the starting blocks:
I think that Internet companies need to have a crypto-strategy, and I think many of you are already thinking about their own Coin projects. They’re probably watching the development of Libra and Facebook while you develop your projects,
the Zuckerberg-Nemesis of the first hour, and Gemini, the founder of sure.
the crypto-exchange Binance to establish itself as a competitor to the Libra. With your Stable Coin Venus, you want to bring your own, regional Version of the Facebook currency at the Start.
Political Libra-Echo falls skeptical of
recent investigations by the European competition authorities are in this country-sometimes only part of the frequency of a noisy political echoes. Criticism, suspicion, and skepticism on the part of the legislature, had it hailed after the publication of the concept paper is the only way. In addition to the French Finance Minister Le Maire, his U.S. colleagues Mnuchin and ECB Executive Board member Cœuré also the Federal Finance Minister, Olaf Scholz gave the project a failure. In his eyes, the Coin was a „risk to state sovereignty“.
Also within the EU Commission, according to Reports, several departments, with Facebook Stable Coin. In addition to the financial Directorate, especially the data pads in Brussels Libra in your sights. At the beginning of the month, the representatives of the Commission had expressed, the group would have with Libra „the Potential to combine his huge inventories of personal data with the financial information [ … ]“. This would strengthen the already existing concerns about the privacy of the Social Media Giant.
In the Wake of such concerns, a merger of international data protection had asked the group at the beginning of the month with a common catalogue of questions also, appropriate concerns.
Facebook is, in turn, to want Libra to the targeted market entry in the year 2020 with all applicable rules and regulations in accordance to bring.
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