U.S. Federal Reserve Governor Lael Brainard said on Wednesday that Facebook'...
Federal Reserve Board Governor Lael Brainard speaks at the John F. Kennedy School of Government at Harvard University in Cambridge, Massachusetts, U.S., March 1, 2017. REUTERS/Brian Snyder
Brainard added that central banks’ efforts to conduct monetary policy could be “complicated” by widespread adoption of an external stablecoin like Libra. But she suggested the Fed is in no rush to issue its own digital currency, saying it raises “profound legal, policy and operational questions.” Policymakers worldwide have continued to express skepticism over Facebook’s efforts to build a global digital currency by 2020. That project has been called into doubt of late, as several high-profile companies dropped out of efforts to help establish the currency.
But Brainard said Libra backers have yet to address several major regulatory questions, including how they would ensure the currency is not used for illegal activities across borders. It also is unclear what protections or recourse consumers using the currency would have.
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