Friday, July 1, 2022

Jerome Powell : Facebook currency, a source of great concern to us


Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at

Jerome Powell, chairman of the Federal Reserve (US central bank), has raised “serious concern” about Facebook’s digital currency, dubbed “Libra”.

In his testimony to the US House of Representatives Financial Services Committee, Powell raised serious objections to Facebook’s encrypted currency, which is due to arrive in 2020, the Wired newspaper reported.

“I think it is not possible to proceed without a broad satisfaction with the way the company dealt with money laundering,” Powell told the House Financial Services Committee. “Under Facebook Calibra, the social networking giant plans to introduce a digital portfolio for Libra . The report revealed that the portfolio will be available on Messenger and WhatsApp as an independent application and is expected to be launched in 2020. “Libra raises a lot of serious concerns about privacy, money laundering, consumer protection and financial stability,” he said.

“I have just been paying attention to comments from Jerome Powell at the FSCDems hearing, and I fully agree that the legitimate concerns about Libra_ should be addressed carefully and patiently, and that this should not be done,” Calibra’s president David Marcus said in a tweet. , which is why we shared the plans early. ”

In a new letter sent to Facebook executives, US lawmakers formally asked the social networking giant to stop all Libra currency development, while Maxine Waters, chairman of the House Financial Services Committee, hinted at such a move in June, Shortly after the announcement of the project.

Read also: Libra: Global banking market will receive Facebook currency, despite federal investigation

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