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.
CEO David Solomon says he believes the future of payment systems is blockchain.
Investors will be able to buy, sell and hold digital assets through an app.
Its price is determined by emotion more than anything else.
This week alone, bitcoin is up more than 40% and up 320% since December.
Social media giant's CEO to appear at Aspen Ideas Festival.