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The chairman of the US Federal Reserve says the balance can not move forward until Facebook has dispelled concerns



The head of the US Federal Reserve is of the opinion that Facebook should allow the introduction of the cryptocurrency Libra only if the company explains in detail how it deals with a number of regulatory concerns.

Satisfaction with the way the company handled money laundering, "said Jerome Powell, chairman of the Federal Reserve, at a hearing before the House Financial Services Committee on Wednesday.

He added:

"Privacy, consumer privacy, All these things need to be addressed very thoroughly and carefully in a deliberate process that does not lead to rapid implementation.

According to Reuters, Powell expressed the view that the Libra had "many serious concerns" regarding financial stability and consumer protection as well. The Federal Reserve has apparently set up a working group to monitor the development of the cryptocurrency, and is also working with central banks in other countries.

The US Financial Stability Oversight Council, a 201

0-based federal organization that works under the patronage Powell said that some of the Libra-related concerns are about the size of Facebook, and noted that "over a few Billion users ".

"I really want answers"

Facebook has been under attack since the publication of its White Paper on Libra. Lawmakers, regulators and finance ministers are calling on the company worldwide to suspend development until questions on the project are answered.

David Marcus, Facebook's blockchain lead and head of Calibra, a subsidiary that will build a digital purse for the cryptocurrency, responded Tuesday to some questions from the Senate Banking Committee. [19659002] Senator Sherrod Brown (D.-OH), senior member of the committee, was unimpressed by Marcus' answers and said in a statement:

"Facebook could not give any answers to Libra. I would like to provide real answers during the hearing next week, and ask our financial guardians to carefully check the balance to make sure users are protected. "

Marcus will testify on July 16 before the Senate Banking Committee and before the House Financial Services Committee on July 17.

Image of Fed Chairman Jerome Powell on the House Financial Services Committee / YouTube


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