“Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability,” Federal Reserve Chairman Jerome H. Powell said.
Facebook CEO Mark Zuckerberg speaks during the F8 Facebook Developers conference in May 2018 in San Jose. The company has proposed creating its own digital currency.
“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.” Powell said Fed officials had met with Facebook before the company announced its plans last month and the agency has been studying the matter. Staffers from the Fed and other agencies that make up the Financial Stability Oversight Council have had discussions on the matter, Powell said.In response to a question from Rep.
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