Government officials raise concerns about Facebook cryptocurrency

Officials at the Department of Finance have raised concerns about Facebook’s new cryptocurrency, Libra, in relation to money-laundering, taxation, data protection and other issues.

Documents obtained under the Freedom of Information Act highlight concerns raised by a working group that was established in the department in March 2018 to monitor cryptocurrencies, stablecoins and Central Bank digital currencies.

The group has been tracking and sending weekly updates on Libra to Ed Brophy, the chief adviser to Minister for Finance Paschal Donohoe, since the end of June.

A detailed working paper on Libra by the group, dating from August, outlines a number of issues with the currency.

“Concerns were almost immediately expressed centred on the stability of Libra, taxation, anti-money-laundering/counter-terrorism financing, consumer protection and safeguarding assets, data protection, and systemic risks and effects on monetary policy,” it said.



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