Make Kitco Your Homepage

Fed's Powell expects Facebook's Libra to be topic among G7 finance chiefs

Kitco News

(Reuters) - Federal Reserve Chair Jerome Powell on Thursday said he expects concerns about Facebook Inc.’s (FB.O) proposed new crypto currency Libra to be a main topic of discussion next week when finance ministers and central bankers from the Group of Seven nations meet in France.

In the second day of semi-annual testimony before Congress, Powell again faced a series of questions from U.S. senators about Libra, unveiled by Facebook last month.

Powell repeated his stance from a day earlier before the House Financial Services Committee that given Facebook’s size, the company’s plans for its own crypto currency and payments system requires the highest level of scrutiny by global financial regulators.

Reporting by Dan Burns; Editing by Cynthia Osterman

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.