Jun 19, 2019 - Technology
Powell says Facebook discussed cryptocurrency plans with the Fed
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.