The United Kingdom’s Information Commissioner’s Office has recently decided to request that the Libra Association should provide more details on how the group will protect the data that will be gathered by the users of the upcoming Facebook Libra stablecoin.
According to this latest report, all the 28 organizations that form the association should explain how the data will be taken from the users will be protected in order to be on par with the current standards of data protection.
The letter, which is signed by many authorities of the country, highlights that some concerns are raised especially because Facebook has already been known to collect data from people and to fail to properly secure it.
Taking this into account, the agency is fairly concerned about what may happen if the citizens of the U. K. are subject to a leak of their financial information because they used Libra.
The document states that the agency is already aware that the Libra Association has opened a dialogue with several relevant financial actors, but what concerns the regulatory watchdog the most is that many important details are still lacking right now, as they were not made public yet.
This is especially concerning when considered that despite the Libra Association not revealing enough information, there is no shortage of people actually asking for it.
David Marcus, a representant of Facebook, was recently called to a Senate hearing in order to talk with U. S. lawmakers to determine the risks of the project. At the time, not all the questions were properly answered, so it remains to be seen whether they will be now.
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