Fed Chairman Powell: Facebook's currency has no effect on monetary policy

Fed Chairman Powell: Facebook's currency has no effect on monetary policy

Federal Reserve Chairman Jerome Powell revealed on Wednesday (June 19) that social media giant Facebook had already met them before releasing the cryptocurrency Libra. At a press conference at the end of the two-day Fed policy meeting, Jerome Powell was asked by reporters whether the Libra cryptocurrency would affect the central bank's monetary policy and whether Facebook had met with Fed officials.

He said that Facebook has conducted a fairly extensive survey around the world, with regulators, regulators and many others discussing their plans, which of course includes the Fed. As for the potential impact on monetary policy making, Powell said, “We still have a long way to go”, and then pointed out that “digital currency is still in its infancy, so basically the Fed is not worried that the currency cannot be executed because of cryptocurrency or digital currency. policy". Jerome Powell concluded that cryptocurrencies have both potential and potential risks. (CoinDesk)