Facebook "trying to turn itself into its own country" says MP

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Facebook has come in for fresh criticism over the launch of its Libra cryptocurrency.

In a committee hearing last week, UK MP Damian Collins said the currency shows that the company is "trying to turn itself into its own country."

As The Next Web reports, Collins' comments were made during MPs' questioning of Facebook's blockchain head David Marcus.

Collins previously led an 18-month-long investigation into Facebook following news of the Cambridge Analytica scandal.

Now, Collins has his sights set on Facebook's new payments system and its overall governance structure.

He said: "“If we’re going to have this payment system created by Facebook that exists within a Facebook walled garden, which no one really has access to or can question, then our concern has got to be that this system is going to be open to massive fraud.”

Collins added: “It’s a global organisation that doesn’t have physical boundaries but basically has a global community who are solely under the oversight of Mark Zuckerberg.”

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