6/19, 9:06 PM (Source: TeleTrader)
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Powell: FB discussed its cryptocurrency launch with Fed

United States Federal Reserve chairman Jerome Powell confirmed on Wednesday that Facebook discussed the launch of its cryptocurrency Libra with the central bank.

"Facebook, I believe, has made quite broad rounds around the world with regulators, supervisors and lots of people to discuss their plans and that certainly includes us," Powell said at a press conference following Fed's decision to hold interest rates.

Powell added that the digital currencies are still a long way from replacing central bank currencies. He went on to describe cryptocurrencies as "in their infancy" and added that he has no concerns about the ability of central banks to conduct monetary policy.

Breaking the News / FH