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Facebook's Libra facing 'core' legal, regulatory challenges before launch

Facebook's Libra facing 'core' legal, regulatory challenges before launch
FILE PHOTO: Representations of virtual currency are displayed in front of the Libra logo in this illustration picture, June 21, 2019. REUTERS/Dado Ruvic/Illustration/File Photo -
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Dado Ruvic(Reuters)
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WASHINGTON (Reuters) – U.S. Federal Reserve Governor Lael Brainard said Wednesday that Facebook’s efforts to launch a Libra cryptocurrency must overcome a “core set of legal and regulatory challenges” before facilitating a single payment.

Brainard added that central banks’ efforts to conduct monetary policy could be “complicated” by widespread adoption of an external stablecoin like Libra. But she suggested the Fed is in no rush to issue its own digital currency, saying it raises “profound legal, policy and operational questions.”

(Reporting by Pete Schroeder; Editing by Chizu Nomiyama)

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