According to Reuters, Federal Reserve Chairman Jerome H. Powell told the U.S. Congressional Committee on July 10 that the project could not continue if Facebook could not dispel concerns about its digital encryption currency, Libra.
Libra has caused a series of serious concerns, including privacy, money laundering, consumer protection and financial stability, Powell said. These are all problems that should be solved thoroughly and openly.
Facebook released a digitally encrypted currency called Libra on June 18. Libra plans to be officially launched in 2020 to provide digital trading and payment services to billions of users.
Source: PingWest Responsible Editor: Yao Liwei_NT6056