Facebook Talked to the Fed About Libra, Chairman Powell Says
Fed chair Jerome Powell was asked about Facebook's Libra cryptocurrency during a press conference Wednesday.
"We are concerned that the primacy of the U.S. Dollar could be in long-term jeopardy from wide adoption of digital fiat currencies."
Donald Trump took aim at bitcoin last week. He also kicked off a whole new phase in bitcoin's mainstream moment.
Jerome Powell has said his institution is looking into the possibility of developing a digital currency, but the option throws up many policy questions and unclear benefits.
Powell compared bitcoin to gold, referring to them both as speculative stores of value.
Fed Chairman Jerome Powell said Facebook should not be allowed to launch its Libra cryptocurrency until the company details how it will handle a number of regulatory concerns.