Fed’s Jerome Powell Has ‘Serious Concerns’ With Facebook Libra Proposal
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Facebook Inc.’s proposal to create its own digital currency raises major questions that must must be addressed before the plan to create a coin called Libra moves forward, Federal Reserve Chairman Jerome Powell said Wednesday.
“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” Powell told lawmakers at a House Financial Services Committee hearing in Washington. “These are concerns that should be thoroughly and publicly addressed before proceeding.”