EU anti-trust watchdog probing Facebook’s crypto venture Libra

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EU anti-trust watchdog probing Facebook’s crypto venture Libra

Facebook Inc., the Menlo Park, CA-based online social media and social networking service provider, had become a subject to EU anti-trust probe over its proposed digital currency Libra, a Bloomberg report published on Tuesday, the 20th of August 2019, had unveiled citing sources and EU documents seen by one of its reporters.

In point of fact, Facebook Inc.’s digital currency project had been met with sheer criticism and concerns from policymakers across the world, as in effect Facebook Inc.’s digital currency, Libra, could bypass authorized financial institutions to offer services or products, while risks of money laundering would be heightening by many folds.

According to Tuesday’s (August 20th) Bloomberg report, the EU Commission had been probing potential anti-competitive behavior tied-up to its digital currency over concerns that the social networking behemoths digital payment system could shut out rivals at ease, given the extent of a havoc-scale user-base of Facebook Inc.

Aside from that, the Tuesday’s (August 20th) Bloomberg report had added that the EU officials were concerned that Facebook’s Libra could initiate a chain of anti-competitive behavior, since it had no tie-up yet with any financial institutions.

Nonetheless, followed by the reveal of Bloomberg report, Facebook Inc.’s shares prices were inched lower during midday US trading hours, however, pared losses at the extended trading after wrapping up Tuesday’s (August 20th) session 1.27 percent lower to $183.81 per share.

During preparation of the report, at extended US trading hours, Facebook Inc.’s shares were being traded at $184.27 per share.