United States  

Celebrating 10 Years of Trusted News Discovery
One News Page
> > >

Facebook's cryptocurrency raises 'serious concerns'- Powell

Video Credit: Reuters Studio - Duration: 01:54s - Published < > Embed
Facebook's cryptocurrency raises 'serious concerns'- Powell

Facebook's cryptocurrency raises 'serious concerns'- Powell

U.S. 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.

Rough Cut (no reporter narration).

0
shares
ShareTweetSavePostSend
 

Facebook's cryptocurrency raises 'serious concerns'- Powell

The strong comments from the head of the U.S. central bank, the country's top financial regulator, adds to misgivings about the project, which has already produced strong skepticism among top policymakers across the globe.

"I don't think that the project can go forward ... without there being broad satisfaction with the way the company has addressed money laundering, all of those things," Powell said in an appearance before the U.S. House of Representatives Financial Services Committee.Powell said the digital currency project, announced by the social media giant in June, raised "serious concerns" for regulators." Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability," he told the committee.

"These are concerns that should be thoroughly and publicly addressed." Powell said any regulatory review of the recently announced project should be "patient and careful."He said the Fed has established a working group to follow the project and is coordinating with other central banks across the globe.

He also expects the U.S. Financial Stability Oversight Council, a panel of financial regulators, will also review the idea.




You Might Like


Recent related videos from verified sources

Should India embrace cryptocurrencies? [Video]Should India embrace cryptocurrencies?

Some believe that believe cryptocurrencies are the new digital gold. From Bitcoin to Ethereum, there are over 2,000 kinds of cryptocurrencies globally, worth over $300bn in digital money. And now..

Credit: BBC World News - Affiliate     Duration: 08:09Published

Love Island 2019 final & series review [Video]Love Island 2019 final & series review

Love Island 2019 has come to an end, with Greg and Amber taking home the coveted £50k prize. RadioTimes.com’s Emma Powell, Kim Bond and Ben Allen review the finale and the series as a whole, and..

Credit: Radio Times     Duration: 44:06Published

Facebook Tries to Sell Congress on Decentralized Currency Plan. But Congress Isn’t Buying. [Video]Facebook Tries to Sell Congress on Decentralized Currency Plan. But Congress Isn’t Buying.

The House Financial Services Committee had more pointed questions for Facebook's David Marcus about the governing structure of the Libra Association in the second day of Congressional grilling.

Credit: Cheddar Inc.     Duration: 04:11Published

Facebook's Libra Gets a Second, Critical Hearing at the House [Video]Facebook's Libra Gets a Second, Critical Hearing at the House

Facebook's David Marcus faced another day of governmental grilling, this time at the hands of the House Financial Services Committee, over the social media giant's plans for its digital currency Libra.

Credit: Cheddar Inc.     Duration: 04:11Published

Environmentally friendly: One News Page is hosted on servers powered solely by renewable energy
© 2019 One News Page Ltd. All Rights Reserved.
About us  |  Contact us  |  Disclaimer  |  Press Room  |  Terms & Conditions  |  Content Accreditation
 RSS  |  News for my Website  |  Free news search widget  |  In the News  |  DMCA / Content Removal  |  Privacy & Data Protection Policy
How are we doing? FeedbackSend us your feedback  |   LIKE us on Facebook   FOLLOW us on Twitter  •  FOLLOW us on Pinterest
One News® is a registered trademark of One News Page Ltd.