The Chairman of the U.S. Federal Reserve Raised Concerns Regarding Facebook's Libra and BTC Plunged

The BTC fell sharply on Wednesday after Jerome Powell, the chairman of the U.S. Federal Reserve Board, pointed out problems or challenges in regulations for Facebook-led virtual currency "Libra" during a public hearing and expressed concerns over what should be done first.

Congressman Steve Stivers of the House Financial Services Committee of the U.S. Congress asked and answered to Jerome Powell about the Libra during a public hearing yesterday.

- Is it possible to provide Facebook with banking services if Facebook fails to properly meet its money laundering measures or KYC?

- What is recommended for Facebook?

"I don't think Facebook should continue with the project until they can, for sure, stop money laundering or other illegal acts" said Jerome Powell, the chairman of the Federal Reserve Board. He added, "we must be careful and attentive to a number of issues, including data protection and privacy for users," he said.

Jerome Powell also mentioned that Libra is beyond the framework of existing regulations, saying, "I don't think this project is simple or perfectly align with the existing regulations. Hence, there is a question regarding the scale of the entire system."

In addition, Maxine Waters from the Federal Bank, who publicly supports the suspension of Libra asked about financial policy concerning Libra. She mentioned, "Libra has many important challenges, including privacy and money laundering, consumer protection and financial stability. These tasks should be carefully resolved before publicly revealing Libra."

Facebook's Libra project, which has recently become the biggest issue in the virtual currency industry, is set to hold a public hearing next week on the Waters' parliamentary committee.

Reporter Gina Lee (news@dailycoinews.com)의 기사 더 보기

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