Federal Reserve Chairman: Libra should not be allowed to launch before Facebook resolves regulatory issues

Federal Reserve Chairman Jerome Powell said at a hearing of the House Financial Services Committee on Wednesday that he should not be allowed to introduce the cryptocurrency Libra until Facebook elaborates on how to deal with a range of regulatory issues. Powell said that if he is not satisfied with the way Facebook handles money laundering, it cannot allow it to move on. In addition, according to Reuters, Powell added that Libra has also triggered "many serious concerns" about financial stability and consumer protection. The Fed has clearly established a working group to track Libra development and is working with central banks in other countries.