Facebook’s digital currency under European Commission scrutiny
Share article:
Share article:

Facebook’s digital currency under European Commission scrutiny

© Belga

The European Commission is looking into Facebook’s Libra digital currency project to see if it would violate European anti-trust rules, Bloomberg reported, based on Commission documents.

The Commission wants to ascertain, in particular, whether Facebook and allied companies in the Libra Association could illegally shut out their competitors.  Europe’s treaty watchdog also wishes to examine how existing services such as Messenger and WhatsApp will relate to the “Calibra” digital portfolio.

While Libra, scheduled to come on stream next year, has been developed by Facebook, it will be managed the Geneva-based Libra Association. Over 20 companies have already become members of the group, including Visa, Mastercard, Paypal, Spotify and Uber. By the time Libra is launched, Facebook hopes the alliance will top the hundred-member mark.

Neither the European Commission nor Facebook wished to make any comment on the matter. The social media network has already promised to comply with all of the regulators’ requirements before launching the digital currency on the market.

Facebook has already been investigated by the European Commission, which fined it 110 million euros in 2017 in connection with the purchase of WhatsApp in 2014.

The Brussels Times

Latest news

New coronavirus infections above 3,000 for first time since May
The number of people testing positive for coronavirus has skyrocketed to the highest rate since the start of May 2021. Between 9 and 15 October, ...
Brussels Airport adds 10 flight destinations this winter
Some 130 destinations will be served from Brussels Airport this winter, the company announced on Monday, just a few days before the start of the ...
Brussels pharmacies report rush on rapid tests due to Covid Safe Ticket
Many pharmacists in Brussels have noticed a remarkable increase in the demand for Covid-19 tests this weekend, following the official expansion of ...
Students filmed naked on ULB campus given a warning
A group of students caught on camera mimicking sexual acts on the campus of the Université Libre de Bruxelles (ULB) have been issued an official ...
EU Digital Covid Certificate becomes an international success story
The European Commission adopted on Monday a report on the EU Digital Covid Certificate and its implementation across the EU. According to the ...
Belgian chocolatier agrees to $15 million settlement over misled consumers allegations
Internationally recognised Belgian chocolate manufacturer Godiva has reached a $15 million (€12.9 million) settlement after US consumers said they ...
‘Buying second home does not mean you are rich’: government disagrees on tax break
The Francophone liberal MR party and the Flemish socialist Vooruit party strongly disagree on the current scheme for tax benefits on people's second ...
EMA starts evaluating Pfizer vaccine for children over 5 years old
The European Medicines Agency (EMA) has started evaluating an application to extend the use of the Pfizer/BioNTech coronavirus vaccine to children ...
Energy prices: EU’s demand and supply dilemma in importing natural gas
The European Commission adopted last week a plan on how to tackle the rise in global energy prices in the short-term while relying on the transition ...
Tram line and cycle path to connect Brussels’ outskirts to airport
Works on a tram line connecting Brussels, the NATO headquarters and Brussels Airport in Zaventem, which could attract up to 10,000 passengers a day, ...
SKYFALL: European police complete counter-drone training in Antwerp
In a joint project between Belgium’s federal police and the Brussels Capital Ixelles Policing Area, 15 European police officers visited Antwerp to ...
Offshore wind farms could help reach climate neutrality by 2050
A study carried out by the Bureau fédérale du Plan (BFP) – an independent Belgian organisation that investigates questions of environmental and ...