US Fed Reserve Chair Repeats Libra’s Raising Serious Concerns and Calls on Central Banks’ Collective Regulation
[ChainDD report] July 12 (ChainDD) At a hearing made by the US Senate Banking Committee on July 11, ,Jerome Powell, Chairman of the US Federal Reserve, reiterated Facebook proposed cryptocurrency Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability and it requires worldwide central banks and other regulators regulate together. He expected Libra would be a major topic at a meeting among G7 financial ministers and central bank officers.
In Powell’s opinion, it’s important that Libra implementation should not proceed in full speed and should be included in the Fed’s regulation. No single agency can regulate Libra and other cryptocurrency project. The Fed will keep contact with other major central banks and the regulation or supervision of Libra will be undertaken by many regulators.
According to ChainDD’s previous news, Powell said at the same hearing that it may be unfeasible for Facebook to launch Libra in 12 months and need more time since the work requires patience and carefulness.
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.