First Bitcoin Capital Corp (BITCF)

[planetaryfuture]

Powell States Federal Reserve Lacks Cryptocurrency "Plenary-Authority" .....

Federal Reserve Chairman Jerome Powell stated last week that the Federal Reserve lacks "plenary authority" with respect to cryptocurrencies ..... which essentially means they have no official "regulatory authority" concerning the matter ..... which is not to say the Fed has no influence ..... or no reason to chime in ..... relative to having another competitor enter the Marketplace .....


Powell noted that the Fed does not have “plenary authority” over cryptocurrencies like Libra. Instead, Powell said the central bank instead may have influence over the widespread adoption of cryptocurrency “through international forums” because the Fed has “significant input into the payment system.”


This begs the question: Would the Federal Reserve be pleased to see an alternate currency like Facebook's hopeful "Global Coin" enter Financial Markets from a competitive standpoint ? ..... since Facebook's cryptocurrency proposal might carry a major impact in light of their broad global Market penetration .....

My common-sense response would have to be ..... "NO !!!" ..... in light of recently hearing G. Edward Griffin's documentary account about the revelatory "root-creation" of the Federal Reserve in 1910 ..... on a private island off the coast of Georgia named ..... Jekyll Island ..... from which his book ..... "The Creature From Jekyll Island" ..... obtained its name ..... Griffin methodically lays out his detailed account sprinkled with some amusing anecdotal information during this one-hour 47-minute presentation .....

Facebook Discussed The Launch Of Its Cryptocurrency With The Fed, Jerome Powell Says

June 19 2019 ..... by Michael Sheetz

Facebook announced on Monday that it is leading a group to create Libra, a new digital currency.

Federal Reserve Chairman Jerome Powell said Facebook spoke to the central bank about Libra.

“There are potential benefits here; there are also potential risks, particularly of a currency that could potentially have large application,” Powell said.

Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook spoke to the central bank about the digital currency called Libra that the tech giant is helping create.

“Facebook, I believe, has made quite broad rounds around the world with regulators, supervisors and lots of people to discuss their plans and that certainly includes us,” Powell said.

Libra is a digital currency, also known as a cryptocurrency, that is intended to transform how money moves around the world. Facebook announced on Monday that it is leading a group of payments and technology companies – including Visa, MasterCard, PayPal, eBay, Lyft and Uber – to create Libra, set to launch in the first half of next year.

Powell noted that the Fed meets “with a broad range of financial sector firms all the time on financial technology.”

“There’s just a tremendous amount of innovation going on out there,” Powell said.

Although Libra intends to solve some issues that cryptocurrencies face, Powell also identified that Facebook’s group will also likely must overcome other issues before Libra becomes used around the world.

“There are potential benefits here; there are also potential risks, particularly of a currency that could potentially have large application,” Powell said. “We will wind up having quite high expectations from a safety and soundness and regulatory standpoint if they do decide to move forward with something.”

Powell noted that the Fed does not have “plenary authority” over cryptocurrencies like Libra. Instead, Powell said the central bank instead may have influence over the widespread adoption of cryptocurrency “through international forums” because the Fed has “significant input into the payment system.”

https://www.cnbc.com/2019/06/19/facebook-discussed-the-launch-of-its-cryptocurrency-with-the-fed-jerome-powell-says.html

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