“Facebook’s Libra raises serious concerns about privacy,” says Fed’s chair Jerome Powell
|- The Financial Stability Oversight Council is looking at Libra according to Powell.
- Libra is only on paper at the moment but it has caused quite a stir in the regulatory space.
The chairman of the Federal Reserve Bank, Jerome Powell while responding to questions from members of the Congress at semi-annual testimony before the Committee on Financial Services, U.S. House of Representatives on July 10 said that “Facebook's Libra cryptocurrency raises serious concerns about privacy, money laundering, financial stability.”
Powell assured the members that the Financial Stability Oversight Council is looking at Libra. Moreover, due to Facebook’s reach, there are systemic concerns that will have to be addressed. He added:
“We want cryptocurrency innovation to take place in a safe and sound way.”
Libra is only on paper at the moment but it has caused quite a stir in the regulatory space not only in the U.S. and Europe but also Asia, particularly China. FXStreet already reported today that Calibra will not launch in India despite being one of the largest markets for Facebook due to regulatory restrictions.
Read More: “There are no plans to offer Calibra in India:” Facebook cites regulatory uncertainty
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.