Fed's Powell says Facebook's Libra 'cannot go forward' until concerns addressed
) plan to build a digital currency called Libra “cannot go forward” until serious concerns are addressed, comments that pressured the project and dented the price of the original cryptocurrency bitcoin.
“It’s something that doesn’t fit neatly or easily within our regulatory scheme but it does have potentially systemic scale,” he said. “It needs a careful look, so I strongly believe we all need to be taking our time with this.” Late last month, bitcoin climbed back to near $14,000 and has rallied by more than 30% since June 18, when Facebook announced plans to launch Libra. By mid-afternoon on Wednesday bitcoin was trading at $12,268.99, down 2.4% on the day. Facebook shares, too, took a hit during Powell’s appearance before the committee, although they largely recovered that lost ground and were trading 1.3% higher at $201.89 a share.
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