Jun 19, 2019 - Technology

Powell says Facebook discussed cryptocurrency plans with the Fed

Kia Kokalitcheva

Photo of Federal Reserve Chairman Jerome Powell during meeting. — Fed Chairman Jerome Powell. Photo: NICHOLAS KAMM/AFP/Getty Images

Fed Chairman Jerome Powell said on Wednesday that Facebook has discussed its plans for its Libra cryptocurrency with the Federal Reserve:

"It’s something we’re looking at... we would wind up having quite high expectations from a sort of safety and soundness and regulatory standpoint if [Facebook does] decide to go forward with something."

Yes, but: Powell also clarified that the Fed doesn't have plenary authority over cryptocurrencies, though it does have input into the payments system in the U.S. and abroad.

Go deeper:

Facebook unveils Libra, its long-awaited cryptocurrency project
Congress members express concerns over Facebook's cryptocurrency

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Powell says Facebook discussed cryptocurrency plans with the Fed

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