Fed’s Powell expects Facebook’s Libra to be topic among G7 finance chiefs

FILE PHOTO: Jerome Powell testifies before the House Financial Services Committee in Washington
FILE PHOTO: Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on “Monetary Policy and the State of the Economy” in Washington, U.S. July 10, 2019. REUTERS/Erin Scott

July 11, 2019

(Reuters) – Federal Reserve Chair Jerome Powell on Thursday said he expects concerns about Facebook Inc.’s <FB.O> proposed new crypto currency Libra to be a main topic of discussion next week when finance ministers and central bankers from the Group of Seven nations meet in France.

In the second day of semi-annual testimony before Congress, Powell again faced a series of questions from U.S. senators about Libra, unveiled by Facebook last month.

Powell repeated his stance from a day earlier before the House Financial Services Committee that given Facebook’s size, the company’s plans for its own crypto currency and payments system requires the highest level of scrutiny by global financial regulators.

(Reporting by Dan Burns; Editing by Cynthia Osterman)

Source link