Libra was almost immediately encircled by global regulatory bodies hours after being announced. Regulators cited concers regarding the cryptocurrency compromising data privacy, monetary policy, and security.
Facebook has since grappled at length with U.S. lawmakers. David Marcus, Libra chief, has even had two different hearings in Congress. Yet, Facebook and Libra are opened to work with regulators because “Engaging with regulators, policymakers, and experts is critical to Libra’s success.” (Cryptoslate)
US Treasury Secretary Steven Mnuchin also gave the Treasury’s side saying that Facebook must meet "a very high standard" before it moves ahead with Libra and added that it is a matter of “national security”.
Facebook also faces an investigation of its planned digital currency by European regulators due to competition fears. The European Commission is “investigating potential anti-competitive behaviour” and the ability for Libra to monopolise payments.
U.K. Information Commissioner, Elizabeth Denham, has also warned that because of Facebook’s previous failings with user privacy, people should be concerned about data being handled by the firm.
Bruno Le Maire, France's financial minister, published instant calls for central banks to scrutinize Libra, claiming that becoming a sovereign currency would be "out of the issue."
The Office of the Information Commissioner (ICO), data protection officers from Australia, Albania, Burkina Faso, Canada, the EU, the United Kingdom, the United States, expressed doubts about Libra regarding privacy. More precisely they stated: