Facebook Inc said on Monday it would not proceed with the launch of its Libra cr...
WASHINGTON - Facebook Inc said on Monday it would not proceed with the launch of its Libra cryptocurrency until regulatory concerns are addressed, as the U.S. Treasury secretary took the unusual step on of saying he had serious concerns it could be used for illicit activity.
“The Libra Association, which will manage the Reserve, has no intention of competing with any sovereign currencies or entering the monetary policy arena,” Marcus was due to say on Tuesday, according to prepared testimony released by the Senate Banking Committee. “Monetary policy is properly the province of central banks.”
“They’re going to have to convince us of very high standards before they have access to the U.S. financial system,” he said. Marcus was scheduled to testify on Tuesday and Wednesday before congressional committees overseeing financial issues and several members have suggested the product be barred.
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