Crypto Currency

The Fed Chair Says Facebook’s Libra Raises ‘Serious Concerns’

splashy Libra announcement last month, Facebook’s cryptocurrency plans had become a political cudgel. Drawing on Facebook’s privacy missteps and a gathering storm over antitrust, lawmakers swiftly demanded the company halt work on Libra while it addressed how it would avoid past mistakes. Those calls didn’t pose an immediate threat. Now, though, the project is getting…

splashy Libra announcement last month, Facebook’s cryptocurrency plans had become a political cudgel. Drawing on Facebook’s privacy missteps and a gathering storm over antitrust, lawmakers swiftly demanded the company halt work on Libra while it addressed how it would avoid past mistakes. Those calls didn’t pose an immediate threat. Now, though, the project is getting attention from those who could potentially cool or delay Facebook’s ambitions: global regulators.

Gregory Barber covers cryptocurrency, blockchain, and artificial intelligence for WIRED.

On Wednesday, Federal Reserve Chair Jerome Powell told the House Financial Services Committee that Facebook’s push into finance posed “many serious concerns.” In addition to worries about privacy, money laundering, and consumer protections, Libra poses serious risks to global financial stability due to the enormity of Facebook’s user base, Powell said. “The process of addressing these concerns should be a patient and careful one, not a sprint,” he said, adding that the Fed is collaborating with other federal agencies and central banks abroad.

Powell’s concerns come on the heels of similar comments from top regulators in Europe and Asia. On Sunday, Benoît Cœuré, an executive at the European Central Bank, described Libra as a “wake-up call” to regulators, saying it could not operate in a “void” outside the typical structure of central banks. One issue for regulators is that Facebook’s project lacks any obvious precedent. The company’s plans involve a Switzerland-based association that would manage Libra’s blockchain-based platform, as well as the funds used to back the value of its tokens. Companies, including Facebook, could set up wallets and other apps, allowing Libra to operate a global financial

Read More

Be the first to write a comment.

Leave a Reply

Crypto Currency

This Crypto Game Will Level You Up (Or Down) Using Real-Time Prices

Tower-defense game Crypto Against All Odds tracks real-time cryptocurrency prices and allocates fiat resources to your defenders.Each defender is built in the spirit of its corresponding blockchain technology.Changes in pricing will …


  • Tower-defense game Crypto Against All Odds tracks real-time cryptocurrency prices and allocates fiat resources to your defenders.
  • Each defender is built in the spirit of its corresponding blockchain technology.
  • Changes in pricing will …
    Read More
Continue Reading
Crypto Currency

Now Is One of the Top 3 Greatest Buying Opportunities for Bitcoin: Analyst

Many top traders on Twitter do not expect a Santa Claus rally this year.A quant analyst with a small following is ignoring bearish calls.The trader boldly claims that the top cryptocurrency offers a rare and superb buying opportunity…


  • Many top traders on Twitter do not expect a Santa Claus rally this year.
  • A quant analyst with a small following is ignoring bearish calls.
  • The trader boldly claims that the top cryptocurrency offers a rare and superb buying opportunity…
    Read More
Continue Reading
Crypto Currency

Will Crypto Miners Break a Profit in 2020?

Bitcoin mining rewards’s next halving event is in May 2020.A typical boom-or-bust cycle comes around the halving period.It’s increasingly elusive for small scale and solo mining operations to sustain profits.Bitcoins mining…


  • Bitcoin mining rewards’s next halving event is in May 2020.
  • A typical boom-or-bust cycle comes around the halving period.
  • It’s increasingly elusive for small scale and solo mining operations to sustain profits.

Bitcoins mining…
Read More

Continue Reading
Crypto Currency

#TulsiMediaBlackout Explodes on Twitter: Real or Excuse for Dismal Poll Numbers?

Tulsi Gabbard supporters and detractors sparred on social media over the weekend on the hashtag #TulsiMediaBlackoutHer critics say her campaign is astroturf, and most of her supporters are actually “Russian bots” unleashed by the Kremlin.


  • Tulsi Gabbard supporters and detractors sparred on social media over the weekend on the hashtag #TulsiMediaBlackout
  • Her critics say her campaign is astroturf, and most of her supporters are actually “Russian bots” unleashed by the Kremlin.

  • Read More

Continue Reading