Fed Chair Powell says Facebook's plan to build a digital currency 'cannot go forward' until serious concerns are addressed.
Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook's plan to build a digital currency called Libra"cannot go forward" until serious concerns were addressed, piling further pressure on the controversial project.
"I don't think the project can go forward" without addressing those concerns, he added later in the hearing. "We are very much aligned with the Chairman around the need for public discourse on this," Facebook spokeswoman Elka Looks said in an email."This is why we along with the 27 other Founding Members of the Libra Association made this announcement so far in advance, so that we could engage in constructive discourse on this and get feedback."
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Fed is looking into Facebook's Libra cryptocurrency as Powell flags 'serious concerns'“Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” Fed Chair Powell said in front of Congress.
Read more »
Fed chief calls for Facebook to halt Libra project until concerns addressedU.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook&039...
Read more »
Fed-funds futures traders now see 16% chance of half-point cut by Fed in JulyFed-funds futures traders on Wednesday increased bets on a half-point cut in interest rates by the Federal Reserve at the end of the month, according to CME...
Read more »
Fed chief likely to focus on trade-inspired policy shift in testimonyThe U.S. Federal Reserve over the course of its 105-year history has changed mon...
Read more »
European shares muted ahead of Fed chief Powell's testimonyEuropean shares were subdued on Wednesday ahead of U.S. Federal Reserve Chair Je...
Read more »