Facebook Should Launch Libra Only After Addressing 'Serious Concerns': Fed Chair Powell - Forex News by FX Leaders
Facebook Libra

Facebook Should Launch Libra Only After Addressing ‘Serious Concerns’: Fed Chair Powell

Posted Thursday, July 11, 2019 by
Arslan Butt • 1 min read

Yesterday, we wrote about how Facebook is in discussions with the Royal Bank of Scotland regarding the launch of its cryptocurrency Libra. However, like we mentioned earlier, not everyone is as enthused by this revolutionary idea of the social networking giant.

On Wednesday, during his congressional testimony, Fed Chair Powell came down hard on Facebook Libra, saying that the company should not be allowed to proceed with the launch until serious regulatory concerns are addressed.

According to Powell, “Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability.” He also added, “I don’t think the project can go forward” without addressing these concerns.

In addition to being a blow to Facebook’s ambitious plans, these comments by Powell dented the sentiment in the overall crypto market. BITCOIN fell 7% lower during his testimony after having enjoyed a bullish run these past few days.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of