FILE PHOTO: Small toy figures are seen on representations of virtual currency in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration
BRUSSELS (Reuters) – EU regulators are examining Facebook’s (FB.O) proposed Libra cryptocurrency to see if it harms competition, Europe’s antitrust regulator said on Wednesday, the latest watchdog to voice concerns about the social network’s move into financial services.
European Competition Commissioner Margrethe Vestager said scrutiny was justified even though the new digital coin, to be backed by four official currencies and available to billions of Facebook’s users around the world, has yet to be launched.
“We can even look at new services even before they’re introduced. That’s what we’re doing right now, with Facebook’s plan for a new cryptocurrency, known as Libra, which it announced back in June,” Vestager said in the text of a speech at a conference in Bergen, Norway.
“We’re looking at whether those proposals create risks…