As reported by Bloomberg, European Commission has sent the group involved in Libra project a questionnaire which might be seen as a preliminary investigation. Bloomberg advices this is normally an early step towards an official investigation.
The EU is according to the source “currently investigating potential anti-competitive behavior” related to the Libra Association amid concerns the proposed payment system would unfairly shut out rivals, the EU authority said in a questionnaire sent out earlier this month.
Officials said they’re concerned about how Libra may create “possible competition restrictions” on the information that will be exchanged and the use of consumer data, according to the document, which is a standard part of an early-stage EU inquiry to gather information.”
It is clear that Libra and similar projects will face intense scrutiny from regulators since they might revolutionize the payment and financial systems and could bring important changes. Also having in view the Facebook history of data breaching or users data misusing, the authorities are having them on their radar and paying increased attention to their initiatives.