Facebook hasn't contacted the agency they claim is overseeing Libra privacy

17 Jul, 2019
by David Borman
Facebook hasn't contacted the agency they claim is overseeing Libra privacy

As Chepicap recently reported, today saw the head of Facebook's Libra Project, David Marcus, appear before the United States Senate Banking Committee to answer questions about the Libra. Now, CNBC is revealing that the company named to be the chosen regulator for the project is claiming Facebook has never even contacted them about this project.

During his testimony today David Marcus claimed the following, in relation to data protection and privacy:

"For the purposes of data and privacy protections, the Swiss Federal Data Protection and Information Commissioner (FDPIC) will be the Libra Association’s privacy regulator."

This all sounds fine, except that when the company was contacted for a statement, they claimed they were never made aware that they were being chosen to regulate the Libra. Hugo Wyler, head of communication at the FDPIC, told CNBC:

"We have taken note of the statements made by David Marcus, Chief of Calibra, on our potential role as data protection supervisory authority in the Libra context. Until today we have not been contacted by the promoters of Libra... We expect Facebook or its promoters to provide us with concrete information when the time comes. Only then will we be able to examine the extent to which our legal advisory and supervisory competence is given. In any case, we are following the development of the project in the public debate."

Apparently, an unnamed spokesperson from Facebook has confirmed that the company has not yet contacted the FDPIC. However the article does confirm that Swiss Financial Markets Supervisory Authority, or FINMA, has been contacted by Facebook, as they would be acting as the lead financial regulator, outside of just privacy issues.

Presumably Facebook will be in touch with the FDPIC soon, and the regulation for privacy issues surrounding Libra will be on track. When that happens, stay right here with Chepicap for all updates!

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