Warning by Global Regulators on Facebook’s Libra Privacy Risks
The chiefs of data protection have united to examine the Facebook’s Libra project and share their concerns over the risks of privacy.
A joint statement by data privacy commissioners from the U.K, U.S., Canada, Burkina Faso, Albania, Australia, E.U and the U.K. Information Commissioner’s Office (ICO) was published on Monday stating that Facebook and Calibra, the wallet for Libra have failed to specify the practices to handle the personal information securely.
Libra is stepping towards heights very quickly and the custodian is worried about the unavailability of further information to protect the personal information of users.
A list of questions has been set by the privacy commissioners and expected from Facebook to address these. This questionnaire also includes the working of Libra network, its protection and usage terms and policies, circulation of the information of users, the security of details, privacy settings, and much more keeping in mind the reliability and protection factor.
The questionnaire group seeks the reassurance in the extensive question list that Facebook will use minimal personal information to provide the services and surety to complete the process according to the laws.
The personal data of users must be rightly protected and procedures should be simple and must be provided to the users protecting their privacy rights, including the deletion of accounts and entertaining the applicants’ request on time.
As per the joint statement, the witnesses were instigated to the concernment as in the previous events addressed the Facebook has been failed to meet the regulator’s expectations while handling the user data. The announcement is the most recent call for details on Libra. There is a social media giant called by the nationwide regulators, also from Singapore and Switzerland to provide the information about the project deeply. The two U.S. Senate committees have pulled Facebook to examine the issues and concerns in detail.
As per the concerns, Facebook responded that the financial information gathered won’t be accessed for planned crypto. As per the statement of David Marcus, the blockchain lead, the products such as wallet will be built by the third party. And this will be the responsibility of the product providers as which user data is to be used following the laws and regulation of the operating countries.
