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Fed’s chair to call for Facebook to suspend its Libra project

Jerome Powell, US federal reserve Chairman, said that Facebook’s cryptocurrency project could not « go forward » until it has responded to regulators’ main concerns.

 

 

The President of the US Federal Reserve has announced that Facebook will need to reassure the regulators before being allowed to issue its Libra coin – whose release is scheduled for early 2020 – particularly in terms of consumer protection, privacy policy, anti-money laundering and concerns about financial stability.

« I don’t think the project can go forward without addressing those concerns », he stated.

On July 17th, the US House Financial Services Committee will hold a hearing on issues related to the Libra project.

« I support financial innovation as long as appropriate risks are identified, but Facebook has more than a few billion users. (…) Libra is different from any other digital money project, » explained Powell.

 

 

2019-07-11T11:27:08+00:00July 11th, 2019|