US Fed Reserve Chair: Facebook Should Not Proceed Libra Until Regulatory Questions Resolved

[ChainDD report] July 12 (ChainDD) At a hearing before the US House Committee on Financial Services on July 10, Jerome Powell, Chairman of the US Federal Reserve, noted Facebook should not be allowed to launch its cryptocurrency Libra until it clarifies in detail how it will deal with lots of regulatory questions.

“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability, “Powell stressed. “These are concerns that should be thoroughly and publicly addressed before proceeding.” He added the Fed has established a working group to work on Libra and is working with other central banks on Libra regulation.

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