Chairman Powell wants Facebook to halt Libra until privacy/AML is addressed

10 Jul, 2019
by David Borman
Chairman Powell wants Facebook to halt Libra until privacy/AML is addressed

It is being reported by Bloomberg that today saw United States Federal Reserve Chairman Jerome Powell state that he wants to see certain issues addressed concerning Facebook's Libra cryptocurrency, before the company moves forward with deployment. This comes on the heels of many others in the US Congress expressing similar concerns.

Earlier today, at a House Financial Services Committee hearing in Washington, Chairman Powell had the following to say:

"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."

This follows a call from multiple US lawmakers for Facebook to halt forward movement on the Libra until further questions are answered, as well as a vague response from head of the Libra project David Marcus, which did not answer any questions.

Powell later went on to elaborate that it is the sheer size of Facebook that makes the concerns around their currency so important:

"If there were problems there associated with money laundering or terrorist financing -- any of the things we’re all focused on, including the company -- they would arise to systemically important levels just because of the mere size of the Facebook network."

Of course, some on twitter have pointed out a certain, *ahem*, hypocrisy surrounding the Federal Reserve being so concerned about money laundering:

Whatever happens, it looks like the US Government is not going to simply let Facebook roll out such an ambitous endeavor without their oversight. Can they realistically do anything to stop Facebook? Stick with Chepicap for all updates!

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