South Korea’s financial regulator expresses concerns over Facebook’s Libra

South Korea’s financial regulator expresses concerns over Facebook’s Libra

The watchdog also thinks that Libra has a greater chance of finding commercial success than other cryptocurrencies, due to its social media services which boast billions of users. The FSC clarified that the report was to “facilitate the understanding of the press and other media” on overseas trends and not the regulator’s official opinion on the upcoming cryptocurrency.

Officially announced last month, Libra has already raised alarms among regulators and authorities, around the world. In the US, a group of privacy watchdogs published an open letter urging the US Congress to halt the development of the project until concerns over its impact on national sovereignty, corporate power, consumer protection and others were addressed. Facebook has also faced similar calls from US lawmakers.

Featured image: pixinoo / Shutterstock.com

More Resources

The post South Korea’s financial regulator expresses concerns over Facebook’s Libra appeared first on The Independent Republic.

 

source: https://theindependentrepublic.com/south-koreas-financial-regulator-expresses-concerns-over-facebooks-libra/

TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some Satoshi with the exciting new Lightning Network Tippin.me tool!

Share your thoughts, add a comment!

You must be logged in in order to place a comment.

Article comments

Loading...
No comments yet, be the first to comment this article