Now they are in panic: Feds to put brakes on Libra

The heads of the central banks in the United States, the Federal Reserve, takes a sharp look at the development of crypto coin by tech giant Facebook (among 27 others), the libra. Fed Presidents Jerome Powell said on Wednesday that there is a lot of concern at the bank umbrella and that a special working group has been created because of the ‘crypto plans’.

Powell said to Congressmen in Washington on Wednesday that the libra raises serious concerns in terms of privacy, money laundering, consumer protection and financial stability. According to the central bank head, these concerns must be thoroughly addressed before continuing.

Powell spoke with representatives of the tech company a few months before the Facebook announcement. According to him, the approval of the coin is in no hurry. Earlier, Chinese and European regulators also questioned Facebook’s plans.