Fed chair: Facebook’s cryptocurrency libra has a lot of problems that need solving

Jul 11, 2019

Facebook’s cryptocurrency libra, which if everything goes according to the social media giant’s plans will be released next year, has faced a lot of opposition from lawmakers.

Now another economic policy heavyweight is critical of libra.

It’s Jerome Powell, chairman of the Federal Reserve, who during a congressional hearing says Facebook has a lot of problems to solve before libra is released.

“Libra raises many serious concerns regarding privacy, money laundering, consumer protection, and financial stability. These are concerns that should be thoroughly and publicly addressed before proceeding”, Jerome Powell says to Congress, Cointelegraph reports.

Asks for help

The statement comes after David Marcus, head of Facebook’s crypto department Calibra, on Tuesday asked authorities for help in solving the problems surrounding libra.

The question is whether the politicians will listen to Facebook, or if they will do everything they can to stop the project.

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