US Fed Reserve Chair: We are Coordinating Global Regulators to Solve Libra’s Serious Concerns

[ChainDD report] July 12 (ChainDD) During his semiannual testimony before the US House Committee on Financial Services on July 10, Jerome Powell, Chairman of the US Federal Reserve, said the US central banking system has contacted Facebook prior to the company released the plan of its cryptocurrency Libra. He thinks Libra arouses serious concerns on privacy, money-laundering and financial stability.

Powell said the Federal Reserve is coordinating with other global regulators to solve such concerns. All the concerns need to be addressed “very thoroughly and carefully, in a deliberate process.” He thought it’s highly likely that the Financial Stability Oversight Council (FSOC) established by the Fed and other agencies will be taking this on in a serious way.

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