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The US Federal Reserve is concerned about the cryptology of Facebook



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July 10, 2019 07:16 pm
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Updated July 10, 2019 From 19:21

US Federal Reserve president Jerome Powell said on Wednesday that Facebook's cyber-currency is causing serious concerns over personal information, consumer protection, and financial stability.

At the request of the Congressional Committee in Washington, Powell added that the Wagr examination process, the currency project of the world's first social network, should be patient and thorough, not sprint.

This currency can be widely accepted, given that Facebook has about 2 billion users, said Powell. "In the case of money laundering problems (…), they will quickly become very important because of the size of the network," he warned.

The "Scales" project can not move forward until concerns about money laundering risks are being considered, the president of the Central Bank of the United States insists.

With the creation of this cybercrime, announced in mid-June, Facebook wants to turn the global financial system that worries some states that fear the arrival of private companies in this area.

Libra will debut in 2020 and offer a new form of payment beyond traditional banking circuits. Facebook wants it to be the cornerstone of a new ecosystem free from the bar of different currencies.

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