Fed Chairman Powell: Libra will be an issue for next week's G7 finance ministers meeting

According to Kim 10, Federal Reserve Chairman Powell said at the US Senate hearing that the Fed is communicating with other regulatory agencies and global central banks on Facebook's cryptocurrency Libra. He said that the process of evaluating the cryptocurrency Libra requires patience. No one agency regulates Libra, including Facebook. He believes that the Fed does not have the power to manage Facebook. He also said that the regulation of the cryptocurrency Libra involves many different national and international agencies. Libra's most important issue is privacy, including financial data. Libra's potential size means it may have "immediate systemic importance." Powell also said that the cryptocurrency Libra will be an issue for the G7 finance ministers meeting next week.