The global community of data protection and privacy has reportedly sent a letter of request to the Libra Association willing to get more detailed information about the measures that would be taken for the protection of users' data. The letter was unveiled on August 5.
The letter starts:
"We are joining together to express our shared concerns about the privacy risks posed by the Libra digital currency and infrastructure..."
According to the letter, the regulators want Facebook and other members of the Libra to clarify or list the steps that they will be taken to collect and process user data in line with the effective regulatory framework.
The signees stated that the Association will become a large keeper of users' financial data, which entails certain risks and raises concerns.
"These risks are not limited to financial privacy, since the involvement of Facebook Inc., and its expansive categories of data collection on hundreds of millions of users," reads the letter.
In the letter, the authorities specified the number of questions that cover data processing and privacy protection.
They expressed concerns about insufficient information "...practices that will be in place to secure and protect personal information". Data protection bodies will work in close cooperation with other regulators.