Libra, Facebook’s attempt to get into cryptocurrency, has suffered a number of setbacks. On Wired, European Data Protection Supervisor Wojciech Wiewiórowski highlighted the privacy issues with the project.
In the European Union, the General Data Protection Regulation (GDPR) and the ePrivacy Directive guarantee privacy and personal data protection as fundamental rights for every individual. There can be no doubt that Libra would be subject to these laws. It is clear that payment and transaction data convey a lot of information about the user, facilitating profiling. The European Data Protection Supervisor (EDPS) mainly examines potential data-sharing that may be triggered by Libra facilities on a previously unseen scale. Even if sharing would be conditional on user consent, the long-term implications may be the further loss of control over data.
Check It Out: The Privacy Problems Around Facebook’s Libra Currency