On 20th August 2019, Bloomberg<a href="https://www.bloomberg.com/news/articles/2019-08-20/facebook-s-libra-currency-gets-european-union-antitrust-scrutiny"> issued</a> a report on an ongoing investigation by European Union Antitrust Regulators into Libra  Cryptocurrency.  Concerns arose over the Facebook digital currency project will cause an unfair competitive environment for other similar businesses worldwide.
In the statement, the European Commission stated that the investigation is focusing on Libra Association’s anti-competitive characteristics and their predicted potential that poses a threat to their rivals in the market. This is according to a questionnaire they employed as part of the probing process earlier in August.
<h2>Concerns about Implementation Consequences of Libra</h2>
Libra is a<a href="https://libra.org/en-US/vision/"> global</a> real asset-backed cryptocurrency that is built on a secure network and offers simple, inclusive, and reliable financial infrastructure, to empower people around the world. The anti-trust division, data protection supervisors, and other European Union regulators have raised the most significant concerns. Officials on the investigative commission stated that Libra might create competition restrictions on information exchanged on the platform and usage of collected consumer data. According to the investigation by, Mark Zuckerberg, CEO of <a href="https://www.cryptoknowmics.com/crypto/a-new-age-of-digital-currencies-facebooks-libra-inspires-innovation-competition-and-adaptation-by-other-enterprises/">Facebook</a> will gain the upper hand over traditional currency and may lead to the company having enough power to squeeze other apps out of business

Information sharing protocols that Libra will choose to apply are a concern to data protection supervisors, who mentioned that information privacy protection would become an issue. This is because Libra will have access to vast amounts of personal and financial information on their customers. A spokesman from the EU’s commercial department added that they are not the only ones concerned. Other regulators are also ‘Monitoring market developments in the area of crypto assets and payment services including Libra and its development.”
<h2>Libra’s Predicted Massive Advantage over Other Cryptocurrencies</h2>
The potential for Libra to become a global currency is genuine. As a social media platform that seeks to empower people to bring the world together and build a community, Facebook connects friends and family and avails information to let people share ideas and express themselves. The company had approximately<a href="http://www.businessinsider.com/facebook-has-2-billion-plus-users-after-15-years-2019-2"> 2.32 billion</a> monthly users around the world as of 2018, as many people as the population of both the USA and China. Libra also backs applications like Messenger and Whatsapp, and this presents a new type of challenge that currency regulators have yet to face. Other companies that are part of the project include Visa Inc and MasterCard Inc, who have both embraced Cryptocurrency’s potential as the future of financial institutions.

Libra project will be launched in 2020, according to Facebook. Despite the EU’s concern, the company is yet to state as they continue to promise they will try to accommodate all the pressing concerns across different authorities before they officially launch the project.

Libra Cryptocurrency Faces Antitrust Scrutiny by Officials from The European Union

Am Wayne, a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

Libra Cryptocurrency Faces Antitrust Scrutiny by Officials from The European Union

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