5 Privacy Concerns With Facebook Libra

The currently trending topic on the launch of the Facebook Libra is no longer a news in the digital space.

Facebook Libra is a crypto-currency proposed by one of the leading social media networks, Facebook.
According to this Social Media giant, the main aim of Facebook Libra is to help bring the benefits of digital currencies (cryptocurrencies), to the general public thereby make transactions efficient and seamless for them.

But despite this aim, the plan of launching Facebook Libra has actually raised a very big concern in the digital world, not just for users but for experts too.

The major concern that the potential launch of Facebook Libra is raising is the issue of PRIVACY.

Now let's take a look at the top 5 privacy concerns with Facebook Libra

• Facebook doesn't really have the cleanest track record when it comes to the privacy of user's data, as even in time past, there had been reports of this Social Media giant siphoning and selling the private data of its users.

Now, the plan to launch Facebook Libra is really amplifying that concern, as data experts are postulating that the launch of Facebook Libra could mean building of super profiles with the user's private data, creating the possibility for the Facebook to track users’ activities, ranging from their spending pattern, bank history and even access to the user's credit card.
This sounds really scary, it's just like being watched.

• Another nagging privacy concern of the Facebook Libra is the fact that Facebook on its own, is already a target, due to the possession of users’ data, in its custody, how much more when a digital currency is involved, this will make it a "go-to" shop for the hackers.

This makes the user's data unsafe and will even leave the digital currency in question, at the mercy of hackers.

• The creation of Facebook Libra will bring about a lack of legal protection for the user's private information.
  As this digital currency market is still an unregulated system, it is very difficult for regulators to step in.

• Information is key, and the launch of Facebook Libra will give Facebook access to way too much information including your relations, address, and other very sensitive information.
  This puts a hinge to the launch of Facebook Libra as it puts not just the user's private information, but the users at risk, as anything could be done with the user's data.

• Facebook Libra doesn't even need KYC due to the level of information they already have on the billions of users, and this data will be used anyhow the system deems fit, without the permission of the data owners.

All these privacy concerns have been brewing in the minds of a lot of people on the announcement of the release of Facebook Libra.