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July 11, 2019 01:25 am

Fed Chief Calls For Facebook To Halt Libra Project Until Concerns Addressed

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 are addressed. Reuters reports: "Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability," Powell said during his semi-annual testimony on monetary policy before the U.S. House of Representatives Financial Services Committee. "I don't think the project can go forward" without addressing those concerns, he added later. Powell said any regulatory review of the project should be "patient and careful." He noted that existing rules do not fit digital currencies. "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." A Facebook spokesperson said in response: "We are very much aligned with the Chairman around the need for public discourse on this. 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."

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