EU regulators concerned about competition restrictions created by Facebooks Libra

Amid concerns that the proposed payment system would unfairly shut out rivals, the European Commission is ‘currently investigating potential anti-competitive behavior’ related to Libra, according to the publication’s report.

Moreover, EU officials said they were concerned how about Libra may create ‘possible competition restrictions’ on the information that will be exchanged and the use of consumer data, according to Bloomberg. The EU regulators are also examining the possible integration of Libra-backed applications into Facebook services such as WhatsApp and Messenger, said the report.

In July 2019, US lawmakers pointed out that Facebook had not shown it could be trusted to safeguard the world financial system and consumers’ data, according to Reuters.

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