Facebook's move to become involved in the financial sector stirred anxiety among British and American authorities, according to the Guardian, APA reports citing Sputnik.
Tech giant Facebook has announced that it is launching a digital currency called Libra; the new cryptocurrency is expected to assist billions of its social media users in conducting international transactions.
As with most cryptocurrencies, Libra will be operated and secured by any stakeholder that has access to a computer.
Given that Facebook is used by an estimated over 2 billion people, its planned cryptocurrency, Libra, may become a significant cash cow for the social media giant, and could potentially alter its conventional financial model, the Guardian reported on Tuesday.
Meanwhile, Facebook's move to become involved in the financial sector made British and American authorities voice their concern. Last month, the US Senate Committee on Banking, Housing, and Urban Affairs addressed Facebook CEO Mark Zuckerberg in a letter requesting responses on privacy and financial regulation of social media.
“It is important to understand how large social platforms make data available that can be used in ways that have big implications for consumers’ financial lives,” the letter read. “It is also important to understand how large social platforms use financial data to profile and target consumers."
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