FIRST AIRED: July 15, 2019

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00:00:00
Facebook is facing growing criticism from regulators and lawmakers over a plan to roll out its own crypto currency called libra and on Monday US treasury secretary Stephen new chin added his voice to the skeptics many players have attempted to use crypto currencies define their malign behaviour this is indeed a national security issue we will not allow digital asset service providers to operate in the shadows and will not tolerate the use of the crypto currencies and support of illicit activities a Senate panel will take on the issue Tuesday with David Marcus who oversees the effort for Facebook is expected to tell lawmakers that libra isn't built to compete with traditional currencies and that it won't be launched until it has all appropriate approvals but that might not be enough to calm worried critics who point to Facebook's body track record with data privacy as at least one reason to proceed with caution among the financial heavy hitters voicing concern federal reserve chairman general Powell Facebook as a couple billion plus users so you have I think for the first time the possibility of a very broad adoption and if there were problems there associated with money laundering terrorist financing any of the things that we're all focused on including the company %HESITATION they would immediately , you know they would direct a rise to systemically important levels just because of the mere size of the of the Facebook network Facebook will try to convince lawmakers and regulators that it's up to the challenge to manage a vast crypto currency adding that if America does not lead innovation in the digital payments area others will and we could soon see a digital currency controlled by those whose values are dramatically different