A senior UK politician raised serious concerns about Facebook’s Libra digital currency Tuesday. Damian Collins, warned it was “open to massive fraud.”
Libra Suggests Facebook ‘Trying to Turn Itself Into Its Own Country’
Mr. Collins is a Conservative Party MP and chairs the Digital, Culture, Media, and Sport Select Committee. He told Financial News:
If we’re going to have this payment system created by Facebook that exists within a Facebook walled garden, which no-one really has access to or can question, then our concern has got to be that this system is going to be open to massive fraud.
The politician said Libra “suggests that Facebook’s almost trying to turn itself into its own country.”
“It’s a global organisation that doesn’t have physical boundaries but basically has a global community who are solely under the oversight of Mark Zuckerberg,” he added.
Hold Facebook’s Feet to The Fire
Mr. Collins’ committee expressed its anger last year when Mr. Zuckerberg refused to appear in front of it. He recently wrote to Sir Nick Clegg, Facebook’s Vice President of Global Affairs and Communications. In the letter, he demanded answers to what he considered the company’s contradictory evidence.