Menu
Menu
Fed to hold Facebook's crypto coin to 'high' bar

Fed to hold Facebook's crypto coin to 'high' bar

Reuters photo

Reuters photo

The U.S. Federal Reserve is looking carefully at Facebook's planned cryptocurrency Libra, and will hold it to high standards regarding protecting consumers and regulation, Federal Reserve Chairman Jerome Powell said on Tuesday.

"Libra’s a new thing; we are looking at it very carefully," Powell said in response to an audience question after a talk at the Council on Foreign Relations in New York. "Given the possible scale of it, I think that our expectations - from a consumer protection standpoint, from a regulatory standpoint - are going to be very, very high."

Facebook said last week it wanted to expand into payments and launch its own coin, Libra, by next year.

"Authority for overseeing Libra is going to be in a number of places, but I think that the big picture is we are going to be looking really carefully at it," said Powell, whose cautious remarks echoed those of other financial regulators around the world about the possible new currency.

(Reporting by Ann Saphir; Editing by Chizu Nomiyama; Editing by James Dalgleish)

Join the CIO New Zealand group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

Tags Facebooke-commerceLibracryptocurrencyethics of big datadigital giants

More about FacebookForeign Relations

Show Comments