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

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.