Cryptocurrency

Regulators Across Globe Ask Facebook to Provide Information on Data Security

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The watchdogs across the world have asked Facebook to provide more transparency about its proposed cryptocurrency Libra. The combined action has been taken by the Information Commissioner office of Australia (OAIC) and Office of Information Commissioner of UK (ICO). And they are supported by the data protection authorities of Canada, US, and EU.

It is a significant footstep taken by the authorities to hold the online companies accountable for dealing with personal data. Angelene Falk the Information and Privacy Commissioner of Australia has said personal information is the critical component for any significant digital enterprise.

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The letter signed by seven most powerful nations of the world has urged Facebook and its twenty-eight associated companies to be more transparent about the protection of personal data of any user. 

In the letter, it is said that from the previous episode of Facebook, it is not clear to the regulators how they will protect the user’s personal information. Previously, they could not stand the hopes of regulators. So, the regulators have decided to share their expectations to Libra network about how they will protect the personal information they are going to handle.  

In the letter, the regulators also ask Facebook to assure that minimum data that is mandatory will be gathered. The service should be transparent and has also requested to share the details of how the personal information will be shared on the Libra network. Although Facebook has not yet answered to the request. 

The potential risk that Libra network may possess and the security of personal information is the matter of concern for the regulators across the globe. The statement has given emphasis mainly on the failure of Facebook and Clibra in handling personal data that should have been in place. 

The group has also asked Facebook to answer the question like how robust measures are taken by Libra to protect the personal information of the users? And how the regulators can be confident about that? 

The group wants to know in particular about the use of personal information, how easy it will be for the user to use the privacy control settings. And how they will certify that personal data is getting adequate protections.

The statement ended by saying the organization should comply with the relevant data protection and privacy laws. These laws are applicable both for online and physical world data.  

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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