Facebook’s Libra announcement shows it has no fear of further scrutiny over data privacy
Libra shows Facebook has no fear of data privacy scrutiny. Source: shutterstock.com
Following the recent announcement that Facebook intends to launch a cryptocurrency called Libra, Global Data shares its view on data privacy concerns around this move.
Senior Analyst, Thematic Research at GlobalData Laura Petrone notes that there is a growing concern on how Facebook will obtain account holders consent for data-sharing with Calibra, given the company’s poor record around the collection and use of personal data for advertising.
This, and the cross-selling of user data which Facebook hasn’t ruled out, show that the social media giant is prepared to further expand its ad-funded business model despite this being inherently detrimental to data privacy and one of the greatest concerns for both regulators and consumers. Facebook’s entry into the digital financial services space shows that it has no fear of further scrutiny over ‘data privacy’, and will certainly see regulators coming down even harder upon it
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