Facebook’s announcement of Libra late last month has spurred greater regulatory oversight of cryptocurrencies, with a particular eye on who may be bringing those cryptos into the larger payments ecosystem.
As noted in this space last week, the regulator who helms Germany’s Federal Cartel Office said that cryptos – in particular, those brought by large technology firms – should be examined by regulators over antitrust concerns. As stated by Andreas Mundt, the president of the German regulatory watchdog, said that examination of cryptocurrencies “could become a topic for us.”
This would not be the first time the Federal Cartel Office has focused on Facebook. As recently as February, the regulator ruled that the social media giant had to reduce data collection protocols; upon appeal by Facebook, the issue is now being decided by the German legal system.
The antitrust issues may play out, as Facebook has said Libra may be used to expand into areas like credit. As has been reported, the Calibra wallet is envisioned to help spur commerce through apps such as Facebook Marketplace and Instagram Checkout.
Facebook Fines
And, you’d be forgiven for thinking that regulatory news tied to commerce and payments would be termed “all Facebook, all the time.” In Italy, the country’s data protection regulator fined Facebook the equivalent of $1.1 million for violating Italy’s data privacy laws in the wake of the Cambridge Analytics scandal.
That scandal, of course, wa
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