Fed Not Threatened by Facebook Libra, Has No ‘Plenary Authority’ Over It

By CCN Markets: Federal Reserve members held discussions with Facebook over the company’s Libra project. According to Federal Reserve Chairman Jay Powell during today’s press conference, monetary policy makers are not worried that Libra will replace fiat money. He said: “I think we’re a long way from that…Digital currencies are in their infancy. So essentially, not too concerned about central banks no longer being able to carry out monetary policy because of digital currencies or cryptocurrencies.” Meanwhile, regulating Facebook’s Libra is not on the agenda because the Fed doesn’t have specific authority to do so. “We don’t have plenary

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Source: Bitcoin CNN