Fed Chairman asked Facebook to clarify a number of important questions about Libra project

Speaking at a meeting of the US House of Representatives Committee, Jerome Powell, the head of the Federal Reserve System, said that the launch of the Facebook project to create Libra, its own cryptocurrency, should be postponed until all the troubling questions that should be answered by the world's largest social network are clarified. The concern, he said, is caused by issues such as privacy, consumer protection, the possibility of money laundering and financial stability. The Fed Chairman expressed the opinion that more time is needed to evaluate a new digital currency project. To track the development of the project, the Fed has created a special working group that will work in coordination with the actions of other central banks. As previously reported, at the upcoming hearings on Libra in the US Congress, the head of the blockchain division of Facebook, David Marcus, will give appropriate explanations on the project.

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