- Jerome Powell, the Fed chairman, said his agency will be looking deep into Libra.
- Facebook’s Libra could have much possible scale, hence why the central bank is keen to carry out thorough due diligence.
The chairman of the Federal Reserve – U.S. central bank, Jerome Powell recently noted that his agency will be looking into Facebook’s new Libra stablecoin.
Powell detailed that the social media giant is going to be held to a very high standard and implied that they should be able to operate successfully.
He said:
Libra’s a new thing; we are looking at it very carefully. 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. Authority for overseeing Libra is going to be in several places, but I think that the big picture is we are going to be looking really carefully at it.
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