Home Crypto Libra Facebook Met with The FED about Libra

Facebook Met with The FED about Libra


According to a recently released article by Coindesk, Jerome Powell said Wednesday that representatives of Social Media leading behemoth  Facebook met with the Federal Reserve to talk about the Libra project.

That was stated during the press conference following the FED  Open Committee Policy Meeting when he was asked if the FED was concerned about Facebooks movement into the cryptocurrency world.

Interestingly how Powell’s words were so similar to his Brittish peer Mark Carney, who said he was keeping an “open mind” to this project. Powell just said, “It’s something we’re looking at”. Then added

“You know, there are potential benefits here, there are also potential risks, particularly of a currency that could, you know, have large application. So I would echo what Governor Carney said which is that we will wind up having quite high expectations from a safety and soundness and regulatory standpoint if they do decide to go forward with something.”
– Source Coindesk

That Coindesk article mentions that Powell also reminded that the FED does not have complete authority over cryptocurrencies. That is quite right since this responsibility lies on the US Securities and Exchange Commission, SEC.


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