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Switzerland’s Data Protection Agency for Libra data privacy confirms not approached by Facebook.

A spokesperson from the Swiss agency for Libra data privacy, confirms having not been approached by Facebook.

Switzerland’s Data Protection Agency was about to look after the privacy policy and protection of Facebook’s new cryptocurrency, Libra.

However, a Spokesperson in charge of the representation of the Swiss Regulator denied the fact that they have been given any charge of it. It was also denied of having been contacted by Libra initiators in any time close.

In front of the Senate Banking Committee, Facebook’s head in digital currency project, David Marcus stated that the responsibility of data and privacy protection and privacy regulation of Libra shall be handed over to the Swiss Federal Data Protection and Information Commissioner (FDPIC). 

When asked about the exact roles that the company shall play in the privacy regulation, FDPIC head of communication, Hugo Wyler said CNBC that though they have taken note of Marcus’s statement yet they have not been contacted by the Libra Promoters till date. Tyler also confirmed that in case if Facebook Approaches them someday in the near future, they will build their confidence and competence on the concrete ground of activity information. 

Facebook also agreed to the fact that they have not contacted the Swiss group for the purpose. The cryptocurrency project has already collected a huge amount of skepticism in terms of the privacy policy.  Policymakers found the world like US treasury secretary Steven Mnuchin and federal reserve Chairman Jerome Powell both have serious concerns regarding the policy of Money laundering, financial stability, and regulation by Libra. The data privacy was the main grievance associated with the approach of senators who questioned Marcus this Tuesday.

FDPIC shall be contacted for the data privacy while The Swiss Financial Market Supervisory Authority, FINMA will be the financial regulator. FINMA is, however, familiar with the process and has been contacted by Libra initiators. 

The major concern is that Social media Giant Facebook has no immediate need to launch the Cryptocurrency program. Keeping in mind the number of ethical or unethical hackers in or around Facebook who are well acquainted with the workings and development criteria of Facebook, the cryptocurrency matter will again show traces of woes. Provided if Facebook started to advertise the number of Bitcoins shared or spend by the user, the privacy will again be a threat.  

How confident do you feel regarding Facebook’s Data privacy policy? Do let us know.

Source: CNBC

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Mary Deshazo

Mary is a food and mobile tech industry enthusiast. She sleeps an eye open looking for industry updates and spends weekends fishing with her husband.

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