Altcoin News: European Commission investigates Libra

August 21, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The European antitrust regulator is checking on the Facebook’s cryptocurrency project writes Bloomberg with reference to the documents it has at its disposal.

The European Commission is “currently investigating potential anti-competitive behavior" of the Libra Association amid concerns that the proposed payment system will have an unfair advantage over other companies in this sector.

According to the questionnaire, which is part of an early stage in the collection of information by European regulators, officials are also concerned about the possibility of restricting competition in the context of user data exchange.

The document says regulators are exploring ways to integrate Libra-based applications into Facebook services such as WhatsApp and Messenger. The investigation also affects the management structure and membership of the Libra Association.

A spokesman for the European Commission’s financial services department said regulators “monitoring market developments in the area of crypto assets and payment services, including Libra and its development.”

Facebook previously stated that it would not launch its cryptocurrency project until it eliminated all the doubts of regulators.

Author: Marko Vidrih