Fed Chairman Jay Powell testifies on Libra before House Financial Committee
Federal Reserve Chairman Jay Powell answered questions before the House Financial Committee head by Rep. Maxine Waters (D-CA) on Libra saying the central bank has been in contact with Facebook. Powell says the bank is in favor of "responsible innovation" but still harbored fears over money laundering and privacy concerns. Powell says both the Financial Stability Oversight Committee (FSOC) and the Federal Reserve have established working groups on the private crypto.
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