Can you imagine the scenario one day just Instagram, Facebook and other Meta platforms such as Messenger and WhatsApp disappearing from Greece and other European countries?
Yeah Al that sounds pretty crap to me, Looks like it aint for me either.
Going into details, a few days ago Meta announced its financial results and in the annual report for the Hellenic Capital Market Commission hid a “detail-bomb”. Specifically, it describes a scenario in which Facebook and Instagram, as well as other Meta services will be withdrawn from Europe!
In more detail, the official document of Meta, which you can read by clicking here, states on its 36th page:
If a new transatlantic data transfer framework is not adopted and we are unable to continue to rely on SCCs or other alternative data transports from Europe to the United States, we will probably not be able to offer some of the most important products and services. including Facebook and Instagram in Europe, which would have a significant and negative impact on our business, our financial situation and the results of our work.
What exactly is going on?
A few days ago, the Digital Services Act was passed by the European Union, according to which targeted ads that use users’ data are restricted.
In general, both with the GDPR and other related bills, the European Union continues to tighten its grip on companies and the unregulated processing of personal data of citizens of European countries. So, if it is decided to pass this controversial provision that prohibits the processing of data of users of European countries in countries other than Europe, Facebook and Instagram may cease to operate in Greece and in other countries of the Union.
Meta clarifies that it will probably be able to conclude new agreements within 2022, so there is probably no reason for great concern, but again at the moment all scenarios are possible.
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I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
