The United Kingdom’s Information Commissioner’s Office (ICO) has asked the companies in the Libra Association to share details on how they plan to protect user data.
The ICO released a joint statement on August 5th on global privacy expectations of the Libra network. The statement was addressed to Facebook and 28 other organizations working on the Libra and Calibra projects. The letter has specifically asked the indulged companies to state how they plan to collect and process users’ personal data according to data protection laws.
The letter states that the Libra Association will become a guardian of massive amounts of user financial data. It said, “These risks are not limited to financial privacy, since the involvement of Facebook Inc., and its expansive categories of data collection on hundreds of millions of users, raises additional concerns.”
The letter has been signed by a cross-section of authorities such as the Information and Data Protection Commissioner, the Australian Information and Privacy Commissioner, the Canadian Privacy Commissioner, the President of the Commission for Information Technology and Civil Liberties, the European Data Protection Supervisor, and the United States Commissioner of the Federal Trade Commission.
Facebook’s to-be-launched cryptocurrency has been under a lot of scrutiny since the time it has come in the news. In the month of July, it has been grilled extensively by the lawmakers in the US Senate and the House of Representatives. It is yet to be witnessed how it pans out in the future.