It is unclear how a 'libra' denominated transaction might be governed in the future and it might require the creation of an entirely new oversight entity.
Jim Cramer weighs in on his thoughts about Libra after Facebook's digital currency was criticized by President Trump and Federal Reserve Chair Jerome Powell.
President Donald Trump added his voice to a growing list of regulators and lawmakers who are concerned with Facebook's plans to launch a global digital currency that could challenge U.S. dollar hegemony and put financial stability at risk.
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Surprise, surprise: Regulatory opposition toward digital currencies at home and abroad is rising against Facebook.
President suggests Facebook would have to seek bank charter to proceed with its cryptocurrency plans.
U.S. Rep. Maxine Waters, a California Democrat who heads the House Financial Services Committee, tells Federal Reserve Chair Jerome Powell that regulators aren't prepared for the emergence of cryptocurrencies, amid gnawing fears that Facebook's proposed digital currency, Libra, might serve to erode the supremacy of the U.S. dollar in the global financial system.