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EU: Facebook facing EU antitrust probe over Libra

 |  August 20, 2019

Facebook is getting EU antitrust scrutiny over its Libra crypto project, Bloomberg reported. The European Commission has sent a questionnaire to groups tied to the Libra proposals, saying it’s “currently investigating potential anti-competitive behavior,” according to a document Bloomberg saw.

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.

The investigation into founder Mark Zuckerberg’s ambitions to take on traditional cash adds to another preliminary EU investigation into how Facebook may unfairly use its power to squeeze rival apps. The Brussels-based commission, Europe’s most feared regulator, has already targeted Google and Apple.

Full Content: Bloomberg

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