Fed Chair Raises ‘Serious Concerns’ About Facebook’s Cryptocurrency Project

on Jul12
by | Comments Off on Fed Chair Raises ‘Serious Concerns’ About Facebook’s Cryptocurrency Project |

Facebook is facing a growing chorus of doubts about its new Libra cryptocurrency project from authorities around the world, ahead of two congressional hearings on the initiative next week.

On Wednesday, the chair of the Federal Reserve, Jerome Powell, said Libra raised a host of “serious concerns” around “money laundering, consumer protection and financial stability.”

“I just think it cannot go forward without there being broad satisfaction with the way the company has addressed money laundering” and other issues, Mr. Powell said as he testified before the House Financial Services Committee.

Mr. Powell is the latest central banker to express skepticism about Libra, which Facebook announced last month. Central bankers from Britain, France, the European Central Bank, Singapore and China have all voiced concerns. Separately, just over a week ago, five top Democrats on the Financial Services Committee wrote a letter to the social network calling on it to “immediately cease implementation plans” for Libra until lawmaker questions were answered.

“We want, and need, governments, central banks, regulators, nonprofits and other stakeholders at the table and value all of the feedback we have received,” the letter said.

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