REPORT: Fed chief tells Facebook to halt cryptocurrency project amid ‘serious concerns’

JULY 10, 2019

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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by REUTERS.COM:

WASHINGTON (Reuters) – U.S. Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook’s (FB.O) plan to build a digital currency called Libra “cannot go forward” until serious concerns are addressed, comments that pressured the project and dented the price of the original cryptocurrency bitcoin.

The strong comments from the most powerful U.S. financial regulator underscored the growing regulatory hurdles facing the proposed cryptocurrency, which has drawn scrutiny from policymakers globally.

The article goes on to state the following:

“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.

The price of bitcoin fell as much as 7 percent during Powel’s three hours of testimony.

 

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