The central bank chief said the review “should be a patient and careful one and not a sprint to implementation.”
By: AFP |
US Central Bank To Study Facebook Virtual Currency Libra
Views: 10
By: AFP |
The central bank chief said the review “should be a patient and careful one and not a sprint to implementation.”
The US Federal Reserve has created a “working group” that is coordinating with government agencies and other central banks to consider the implications of Facebook’s planned virtual currency Libra, chairman Jerome Powell said Wednesday. At a hearing at the US House Financial Services Committee, Powell told lawmakers that the cryptocurrency plan raises “serious” questions.
“Let me start by saying that we do support responsible innovation in the financial services industry as long as the associated risks are appropriately identified and managed,” he told the panel. “While the project’s sponsors hold out the possibility of public benefits, Libra raises serious concerns regarding privacy.”
Powell said the Fed was “coordinating with our colleagues in the government in the United States” and “with central banks and governments around the world.”
The central bank chief said the review “should be a patient and careful one and not a sprint to implementation.”
Last month Powell indicated that the Fed would carefully study the Facebook plan to create a global virtual currency which aims to lower transaction costs and bring more services to people without access to the banking system.
The Libra coin plan, backed by financial and nonprofit partners, represents an ambitious new initiative for the world’s biggest social network with the potential to bring crypto-money out of the shadows and into the mainstream.
But the plan has already prompted calls in Europe for close regulatory scrutiny and several US lawmakers have said they need more information from Facebook.
Source:News Now.
A New Anti-Theft Rolling Gates for Residential Homes in Nigeria Why Anti-Theft Rolling…
The Ultimate Guide to the Best Designer Palm Slippers for Men(2025) — (Nigerian Buyers’ Edition)…
How To Spot Fake Designer Shoes in Lagos 2025: The Ultimate Buyer’s Guide In Lagos,…
Must-See: 10 Ankara Fashion Trends Taking Over Nigeria 2025 Are you ready to refresh…
How to Care for Your Smartphone in Nigeria Easily Smartphones have become a big part…
Unlocking The Mysteries: Exploring The Fascinating World of Nsibidi Symbols and Their Profound Meanings Nsibidi…