Before Libra was officially launched, there were already many fake accounts and fraudulent websites. The Swiss Privacy Agency requires more information about Libra.
After the Libra hearing at the Senate and House of Representatives last week, David Block, head of the Facebook blockchain, said Libra would not launch until all issues were resolved. According to the Washington Post, there are already many fake accounts and fraudulent web pages, and some are even on Facebook's own platform. This includes videos that offer discounts to early investors, as well as a link to a website called "buylibracoins.com".
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This website claims to be able to sell Libra, an unissued cryptocurrency. Libra will allow people to send money to each other without an intermediary. A digital wallet called Calibra will also be used as a standalone app on Facebook Messenger and WhatsApp.
A Facebook spokesperson said it "is consciously removing ads and pages that violate our policies and has been working to improve detection of fraud." In addition to Facebook's surprise, Libra's scams are also available on YouTube and Twitter.
According to Reuters, the federal data protection and information committee of Switzerland's privacy regulator said on Tuesday that it has not received a reply from Facebook on July 17th. In the letter, the committee asked Facebook to detail its encryption project, Libra, because it needed this information to confirm regulatory status.
The regulator said in a statement, "The Federal Data Protection and Information Committee (FDPIC) has been following Dr. David Marcus's comments at the US Senate Committee hearing. FDPIC has not received any instructions on what personal data Libra can handle. Therefore, the Libra Association is required to inform the status of the project so that it can assess the level of supervision and applicable regulations."
Earlier at the hearing, David Marcus said that the FDPIC committee annual meeting is expected to become Libra's privacy regulator because the Libra Association is based in Geneva.
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By Xiu MU
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