The Swiss Federal Data Protection and Information Commissioner (FDPIC) is still awaiting additional requested information from Facebook’s cryptocurrency project Libra reports Reuters, July 23, 2019.
This Time, It’s The Swiss
Libra is Facebook’s endeavor into the cryptocurrency industry, which it announced just over a month ago, has been subject to mountains of scrutiny and debate, going as far as to receive attention from the British Parliament, China and India, as well as capturing a response President Trump himself.
To help ease concerns about the significant disruption to the financial system as well as the potential for nefarious activities the Libra crypto could facilitate, a Swiss privacy regulator has been designated to keep a close eye on internal operations.
Despite whether or not the international community is treating the project in an overly-cautious way, the primary drive behind the discussion is the astounding number of people that Libra can reach around the globe. To be specific, Facebook has over 2.3 billion users that it could quickly get to adopt their cryptocurrency.
The reason why Libra’s co-creator David Marcus expected that the FDPIC would oversee privacy was due to the Libra Association being stationed in Geneva.
Since being appointed, communication has been infrequent to say the least. The swiss authority even sent a letter to Libra as of July 17 due to the radio silence.
Reuters even reports that “Facebook did not immediately respond to a request for comment” on the matter, bringing to question if the project has been fully realized by Facebook, and if a 2020 launch is too soon.
Facebook and Privacy
Facebook is under even more scrutiny than it usually would be due to landing in legal hot water over the Cambridge Analytica scandal, leading to a $5 billion fine from the US FTC.
The FDPIC is expecting Libra to run a tight ship by handing over a full impact assessment report, which should tell the Swiss all the need to know moving forward, allowing them to weigh the risks and mitigate them.
Despite the lethargic approach of Facebook in this instance, Marcus assured the U.S. Senate that Libra and the FDPIC have had talks and are working on building “an appropriate regulatory framework”.