Facebook's cryptocurrency ambitions face privacy concerns

JUSTIN SULLIVAN / AFP

Just a day after facebook announced its plans to launch a new global cryptocurrency 'Libra' there has been growing concerns about privacy issues.

Top Democrat Maxine Waters has called for the social media network to halt its plans until Congress and regulators have had a chance to probe potential risks.

"With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users," Waters said in a statement.

Other regulators, lawmakers and government officials around the globe have also issued critical statements.

France's finance minister said he had asked central bank heads from G7 countries to write a report on the project by mid-July.

Libra is part of the tech giant's efforts to expand into digital payments, with a launch date set for the first half of 2020.

More from Business

Coming Up on Dubai Eye

  • The Business Breakfast

    6:00am - 11:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

  • Lunch with Lloyd

    11:00am - 2:00pm

    No one knows entertainment better than veteran Dubai broadcaster Mark Lloyd.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Meet Gift, female food delivery driver

    Gift came here from Nigeria and failed to find a job, until a pizza company offered her one. She's now one of the very few female delivery drivers in the UAE.

  • FARMER'S KITCHEN

    Farmer's Kitchen is back for 2021!
    With our partners Spinneys, we are going to help you wave goodbye to boring dinners, cluttered fridges, and lumpy leftovers!