Facebook has a pretty bad reputation for protecting user information, so there was an understandably skeptical reaction when the company first announced it would be introducing its own cryptocurrency called Libra. Now the full details of the currency have been revealed, and several prominent lawmakers and experts have already expressed concern over the potential privacy ramifications.
“With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users,” U.S. Rep. Maxine Waters said in a statement.
Another expert, Brian Krebs of KrebsOnSecurity.com, said that with Facebook’s lack of security success, he can’t imagine users voluntarily giving up their most sensitive financial info.
“It’s difficult for me to see anyone who cares about privacy actually adopting this new offering, particularly given Facebook’s laughable record on respecting their users’ privacy choices,” Krebs told CNBC.
For its part, Facebook said it will use two-factor authentication to protect consumers if their accounts were breached, but advocates say that is inadequate protection compared to other established payment systems. Then, there’s the matter of trusting Facebook itself. Even if the site remains secure, who wants the social media giant controlling their money?
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