Mubasher: Facebook’s announcement to launch its own cryptocurrency raised significant privacy-related concerns, claimed to be the most “invasive and dangerous” form of surveillance, The Independent said, citing critics of the new technology.

The social network’s Libra is set to become one of the world’s most circulated currencies, which could take on its mainstream currencies like the US dollar and conventional financial institutions.

However, Facebook’s decision raised questions over risks to user privacy, especially with lurking scandals of the past.

“If you’re concerned with Facebook knowing too much or having too much access to your private data, Libra will give Facebook even more direct access to your financial information,” Taiwanese technology giant HTC's crypto division Phil Chen was quoted by The Independent.

Advocates claimed that the new digital currency will help around 1.7 billion people worldwide with no access to basic financial services, but this was believed to have a more far-reaching purpose.

“Let’s cut to the chase, Facebook – and Libra’s supporting corporations – are doing this for one reason and that’s data,” blockchain investment firm KR1 co-founder George McDonaugh was quoted by the online newspaper.

Along with Facebook, there are 27 other key companies involved in the Libra project, ranging from financial service provider like PayPal and MasterCard to tech giants such as Uber and Spotify.

“No doubt there’ll be plenty of assertions over privacy protection and ‘decentralised’ hand waving, but this is all about Facebook enriching their reservoirs of data, knowing who you are, what you’re buying, who you’re paying and how much you have,” McDonaugh said.

However, some hopes remained that the handling of financial data will prompt scrutiny, which means Facebook tightening its data security across all of its applications and services.

The tech giant’s launch of its new crypto came more than one year after the Cambridge Analytica scandal, in which private data of millions of users were manipulated for political purposes.

Since then, Facebook had been grappling with a series of privacy scandals, raising doubts over how the social media company handles user data.

“Now, […] we can expect regulators and governments to raise questions regarding Facebook’s financial data collection and management process, and whether that system meets all legal and regulatory requirements,” market research firm Forrester senior analyst Aurelie L’Hostis was quoted by the Independent.