Facebook’s controversial ‘cryptocurrency’ Libra is facing a competition probe by the European Union Commission, according to a document seen by Bloomberg. The European Union’s antitrust regulators are “currently investigating potential anti-competitive behavior” amid concerns Facebook would monopolize the payments realm and unfairly shut out competitors. Unsurprisingly, regulators are worried about Libra creating “possible competition restrictions” on the customer information that will be exchanged and the use of consumer data. This investigation follows on from another preliminary probe led by the EU that’s looking at how Facebook could potentially use its power to shut out the competition. The Libra Association, tasked…
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Wednesday 21 August 2019
