Facebook's Libra faces "core" challenges of law and regulation

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      On Wednesday, Lael Brainard, director of the Federal Reserve, said Facebook's plan to launch the cryptocurrency Libra would have to overcome "a series of core legal and regulatory challenges" to make its first payment.
Brenard added that the implementation of central bank monetary policy could be "complicated" by the widespread adoption of external stable currencies such as Libra. But she hinted that the Fed was not in a rush to issue its own digital currency, saying it would cause "far-reaching legal, policy and operational problems."
"It shouldn't be a surprise that Facebook's Libra has attracted great concern from lawmakers and regulators," she wrote in a speech at an event in Washington. "Libra, in fact, also includes any global stable currency project, must address a series of core legal and regulatory challenges before the first payment can be completed."
David Marcus, Facebook's executive in charge of currency projects, said Wednesday with confidence that the plan would attract more supporters as regulators' concerns were addressed.


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