Libra, Facebook’s global digital currency plan, is fuzzy on privacy, watchdogs warn

TechCrunch | 8/5/2019 | Staff
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Privacy commissioners from the Americas, Europe, Africa and Australasia have put their names to a joint statement raising concerns about a lack of clarity from Facebook over how data protection safeguards will be baked into its planned cryptocurrency project, Libra.

Facebook officially unveiled its big bet to build a global digital currency using blockchain technology in June, steered by a Libra Association with Facebook as a founding member. Other founding members include payment and tech giants such as Mastercard, PayPal, Uber, Lyft, eBay, VC firms including Andreessen Horowitz, Thrive Capital and Union Square Ventures, and not-for-profits such as Kiva and Mercy Corps.

Time - Facebook - Subsidiary - Business - Calibra

At the same time Facebook announced a new subsidiary of its own business, Calibra, which it said will create financial services for the Libra network, including offering a standalone wallet app that it expects to bake into its messaging apps, Messenger and WhatsApp, next year — raising concerns it could quickly gain a monopolistic hold over what’s being couched as an ‘open’ digital currency network, given the dominance of the associated social platforms where it intends to seed its own wallet.

In its official blog post hyping Calibra Facebook avoided any talk of how much market power it might wield via its ability to promote the wallet to its existing 2.2BN+ global users, but it did touch on privacy — writing “we’ll also take steps to protect your privacy” by claiming it would not share “account information or financial data with Facebook or any third party without customer consent”.

Surface - Facebook - Notion - Users - Justification

All of that might sound reassuring enough on the surface but Facebook has used the fuzzy notion of needing to keep its users ‘safe’ as an umbrella justification for tracking non-Facebook users across the entire mainstream Internet, for example.

So the devil really is in the granular detail of anything the company claims it...
(Excerpt) Read more at: TechCrunch
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