British lawmakers may begin a detailed study of the Libra project due to fears that it will have too much influence and has confidentiality issues.
In an interview with Financial News, Damian Collins, chairman of the Committee on Digital Technologies, Culture, Media and Sport of the House of Commons of the United Kingdom Parliament, said that given the company's bad reputation in the field of confidentiality, he has doubts that Facebook will be able to adequately protect financial data of billions of its users.
Collins said that with the release of Libra, Facebook seems to be "trying to transform itself into a separate country." Although Facebook is not a country with physical boundaries, it "has a global community that is solely under the control of Mark Zuckerberg." Collins stated:
"If we are going to allow the existence of a payment system created by Facebook, existing in a closed Facebook ecosystem, which no one has access to or cannot question, then we should be concerned that this system will be open to massive fraud."
Turning to such doubts, David Marcus , head of the blockchain on Facebook, said earlier that “Libra users do not need to trust Facebook”. However, regulators around the world are calling for further study of the project and state that Libra should be subject to strict regulation.
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