Federal Chairman Powell Trusts Facebook’s Libra Raises Serious Concerns Needing Addressed

    Ever since Facebook announced its plans for Libra, which will be run by the Swiss-based Libra Association in 2020, many mixed opinions have been expressed. Recently Fed Chair, Jerome Powell was questioned by Chairwoman, Mrs. Waters, in regard to Libra and any potential risks tied to it.

    Powell initially started his viewpoint on expounding upon the importance he saw in supporting innovation within the financial services sector. While Libra’s project sponsors trust that this project would potentially bring public benefits (i.e. in terms of payments), he thinks more time is needed to fully grasp Libra due to some serious concerns. In particular, he said:

    “Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability.”

    He further noted that these concerns need to be addressed both “thoroughly and publicly” and that the necessary time should be taken, rather than rushing or

    “sprinting to implementation.”

    Powell also revealed that a working team has since been gathered to investigate Libra, which includes a collection of government individuals, including “the United States, regulatory agencies, treasuries […] central banks and governments around the world.

    News outlet, CNBC, was the one to have released the video regarding Powell’s viewpoint and has since disclosed that Representative Bran Sherman, D-Calif., was one of some who expressed distaste for Libra. Sherman was quoted saying that acceptance of Libra would be equivalent to:

    “[Transferring] power from the United States government to sanctions and tax evaders, terrorists, and drug dealers while reducing the importance of the U.S dollar as the reserve and trade currency… [Mark Zuckerberg] is the one that has made billions of dollars out of us […] and now wants to undermine the system.”

    Head of Facebook’s Calibra Digital Wallet, David Marcus is set to present himself in front of the Senate Banking Committee on Tuesday, July 16, followed by the House Financial Services Committee on Wednesday, July 17. Marcus has since been quoted saying,

    “We want and need governments, central banks, regulators, non-profits, and other stakeholders at the table to value all of the feedback we’ve received.”

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Nirmala Velupillai
    Nirmala Velupillai
    Nirmala is a blogger who has been fascinated by the world of technology and its contributions to societal development. While a novice, her eager to learn about the crypto world has led her to write a number of pieces on its positive and negative aspects. On her spare time, she indulges in understanding and building statistical models and enhancing her painting skills.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Open Interest on CME Bitcoin Futures Outgrowing BTC Price

    If BTC closes above the 200-day moving average, just above $9,000, we could see $10k Institutional investors leading the way for a new...

    Here’s How DeFi’s Smashing Growth Puts a Trillion-Dollar Case for Ethereum

    Total USD value locked in DeFi surpasses $800 million creates “a new paradigm for global finance” with one common theme Ether The trillion-dollar...

    This Uncannily Accurate Bitcoin Chart from Dec. 2018 Predicts a New ATH in 2020/21

    Analyst ‘s post from Dec. 2, 2018, correctly predicts Bitcoin’s bottom and momentum in 2019 Bitcoin price is currently hovering around $9,000 after surging...

    Lawmaker Proposes Bill For State-Chartered Institution For Blockchain & Crypto Innovations

    An Oklahoma lawmaker has come forward with the proposition of creating a financial institution chartered by the state and that functions as a central...

    Block.One's ‘Voice' Social Network Has An Open Door Policy To Other Blockchains, Not Just EOS

    During its June ICO, had indicated that its Facebook rivaling social network dubbed Voice, would be launched on the EOS network. However, plans...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.