Fed Chair Powell says Facebook's plan to build a digital currency 'cannot go forward' until serious concerns are addressed.
Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook's plan to build a digital currency called Libra"cannot go forward" until serious concerns were addressed, piling further pressure on the controversial project.
"I don't think the project can go forward" without addressing those concerns, he added later in the hearing. "We are very much aligned with the Chairman around the need for public discourse on this," Facebook spokeswoman Elka Looks said in an email."This is why we along with the 27 other Founding Members of the Libra Association made this announcement so far in advance, so that we could engage in constructive discourse on this and get feedback."
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