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Libra Put on Notice, Bitcoin Suffers

July 11, 2019 10:37 am

Washington D.C. — The U.S. Federal Reserve Chairman, Jerome Powell, has issued a warning to Facebook's Libra. Speaking to the Financial Services Committee, he stated that Libra cannot move forward with development until “serious concerns” surrounding money laundering, financial stability and security concerns are rectified.

Facebook executives are scheduled to speak to Congress later this month to answer questions about how Libra will operate. 

The price of Bitcoin dropped more than 12% and created a negative price move across the cryptocurrency market.