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  • The Financial Stability Oversight Council is looking at Libra according to Powell.
  • Libra is only on paper at the moment but it has caused quite a stir in the regulatory space.

The chairman of the Federal Reserve Bank, Jerome Powell while responding to questions from members of the Congress at semi-annual testimony before the Committee on Financial Services, U.S. House of Representatives on July 10 said that “Facebook’s Libra cryptocurrency raises serious concerns about privacy, money laundering, financial stability.”

Powell assured the members that the Financial Stability Oversight Council is looking at Libra. Moreover, due to Facebook’s reach, there are systemic concerns that will have to be addressed. He added:

“We want cryptocurrency innovation to take place in a safe and sound way.”

Libra is only on paper at the moment but it has caused quite a stir in the regulatory space not only in the U.S. and Europe but also Asia, particularly China. FXStreet already reported today that Calibra will not launch in India despite being one of the largest markets for Facebook due to regulatory restrictions.

Read More:  “There are no plans to offer Calibra in India:” Facebook cites regulatory uncertainty