Facebook’s Libra Rouses EU Antitrust Interest, Vestager Says

(Bloomberg) -- Facebook Inc.’s Libra digital currency will be a focus for antitrust and financial regulators in the near future, EU Competition Commissioner Margrethe Vestager said, confirming an early-stage probe into how the new payment system will work.

“From both a competition and a financial stability perspective, Libra will have our interest,” Vestager told reporters in Copenhagen. She said the EU sent questionnaires out earlier this month to gather information on Libra.

The EU is examining how Libra will be run and how Facebook might link it to data from its social network and messaging apps, over concerns the proposed currency might unfairly shut out rival payment providers or set unfair curbs on those participating in it. European data-protection authorities are also looking at Libra.

Facebook didn’t immediately respond to a request for comment. The company has previously promised to appease all regulators before launching the cryptocurrency, a process that could take some time.

--With assistance from Nick Rigillo.

To contact the reporters on this story: Aoife White in Brussels at awhite62@bloomberg.net;Morten Buttler in Copenhagen at mbuttler@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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