Facebook's Libra cryptocurrency faces EU antitrust scrutiny

is subject to an antitrust probe by European Union regulators, Bloomberg reports, citing a document seen by the organisation.

EU officials said they were concerned about how Libra may create “possible competition restrictions” on the information that will be exchanged and the use of consumer data, according to Bloomberg. Their scepticism is fuelled by the fear that widespread adoption of the new digital currency by the social media giant’s 2.38 billion users, more than the combined populations of the United States and China, could upend the financial system. It could create global currency authorities would neither control nor manage.

US Federal Reserve Chairman Jerome Powell, German Finance Minister Olaf Scholz and his French counterpart Bruno Le Maire have also spoken out against Libra.

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