Washington (AFP)
US Central Bank (Fed) President Jerome Powell said Wednesday that Facebook's cryptocurrency raises many "big concerns" in terms of "respect for personal information, consumer protection and financial stability".
Asked at a congressional committee in Washington, Powell added that the process of addressing the concerns generated by the Libra money project from the world's leading social network "should be patient and thorough and not be a sprint."
This currency could be "widely adopted", given the two billion Facebook users, noted Mr. Powell.
Therefore, "in case of problems associated with money laundering (...), they would quickly become very important because of the size of the network," he worried.
The Libra project "can not go forward" before the questions about the risks of money laundering in particular are examined very closely, insisted the boss of the banking regulator.
With the creation of this digital currency announced mid-June, Facebook wants to upset the global financial system, which gives cold sweats to some states, worried about private companies engaging in this field.
In 2020, Libra will have to offer a new payment method outside traditional banking channels: it is the cornerstone of a new ecosystem, free from the barrier of different currencies.
? 2019 AFP