Fed Chairman Powell: The Fed is working together to address the concerns of Libra, the cryptocurrency

On July 10th, Fed Chairman Powell said in a congressional hearing that the Fed had contacted Facebook after Facebook announced the cryptocurrency Libra. He believes that Facebook's cryptocurrency Libra has raised serious concerns about privacy, money laundering and financial stability. Powell said that the Fed is working together to address the concerns raised by the cryptocurrency Libra, and it is likely that the Financial Stability Regulatory Commission will address concerns about Libra.