The Fed is concerned about Facebook’s plans to issue its own cryptocurrency.

The US Federal Reserve doubts that Libra will be able to comply with all the necessary requirements in matters of confidentiality, money laundering, consumer protection and financial stability.

Facebook’s plans to release its own cryptocurrency in 2020 raised concerns about the US Federal Reserve, which serves as the country’s central bank. The head of the financial regulator, Jerome Powell, stressed that Libra should “patiently and carefully” solve problems related to various issues.

While the authors of this project provide an opportunity for society to benefit, including improving access to financial resources for consumers, Libra raises serious concerns about confidentiality, money laundering, consumer protection and financial stability, said Powell.

He added that the US and international financial regulators, as well as the US Treasury Department will coordinate their actions in order to closely monitor the social network project. Previously, the head of the committee Maxine Waters called Libra an attempt to continue Facebook’s uncontrolled penetration into the privacy of millions of users. On July 10, the social network announced that it would not launch its own cryptocurrency and Calibra wallet in India due to regulatory restrictions. Now Facebook is negotiating with the local government to amend the current legislation.

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