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1/5 @Buttarelli_G Further concentration of #personaldata poses additional risks to rights & freedoms of individuals. The launch of digital coin #Libra by #Facebook will require careful scrutiny from several enforcement bodies, including data protection authorities #cryptocurrency
2/5 We recognise the potential of new technologies, including, as in the case in question, new applications, which aim to provide financial and #ecommerce services in new or efficient ways.
3/5 However, it would be deeply concerning, e.g. for a company with access to massive volumes of personal information, gathered through its social media platforms and communications services, to be able to combine this information with the tracking of online digital purchases
4/5 The history of the last 15-20 years indicates that only where there is genuine competition will service providers compete on data protection standards. One of our big challenges is actually to determine how we can de-concentrate markets and give a boost to start-ups...
5/5 ...and others seeking to promote #PrivacybyDesign solutions so that individuals and business clients have more choice in trusted service providers or commercial partners than just a handful of companies with problematic business models.
