Fed Chair Powell Expresses Concerns About Libra, Facebook’s Proposed Cryptocurrency

In June, Facebook announced plans to launch a cryptocurrency that would be run by the Switzerland-based Libra Association in 2020, a non-profit organization governed by a large group of companies that includes household names such as Mastercard, VISA, Paypal, and Ebay.

source image: libra.org

But Powell said yesterday in testimony to the House Financial Services Committee, “Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability”, which caused bitcoin to fall as much as 12% . He also said facebook should not rush development until regulatory concerns were better understood by lawmakers. Read more at CNBC

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