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.

Go deeper:

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