Thursday , October 6 2022

Reservations of the Federal Reserve Federal Reserve on Facebook



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Bloomberg.

Money laundering, consumer protection and financial stability are part of the concerns of the US official.

Jerome Powell, President of the Federal Reserve. Bloomberg.

The suggestion of Facebook to create your own digital currency generates important issues that need to be addressed before moving forward, he warned on Wednesday Federal Reserve President Jerome Powell.

"pound This raises very serious concerns about privacy, money laundering, consumer protection and financial stability. These are concerns that need to be considered thoroughly and publicly before they continue, "Powell told the House of Representatives in Washington.

Powell said Fed representatives had met with Facebook before the company announced plans last month and the company is investigating the matter. Federal Reserve officers and other agencies they make up Supervisory Board on Financial Stability (FSOC, for acronym in English) have discussed this issue, he said.

"I think FSOC is very likely to take this seriously," he added.

In response to a question from a representative, Powell expressed the potential of widespread encryption on Facebook raises the possibility that it poses a threat to the financial system as a whole.

"If there were problems with money laundering or terrorist financing, each of the topics on which we are focused, including the company, will reach systemic levels only because of the size of the Facebook network, "Powell said.

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