Yahoo Finance 
Fed Not Threatened by Facebook Libra, Has No ‘Plenary Authority’ Over It
By CCN Markets: Federal Reserve members held discussions with Facebook over the company’s Libra project. According to Federal Reserve Chairman Jay Powell during today’s press conference, monetary policy makers are not worried that Libra will replace fiat money. He said:
“I think we’re a long way from that…Digital currencies are in their infancy. So essentially, [I’m] not too concerned about central banks no longer being able to carry out monetary policy because of digital currencies or cryptocurrencies.”
Meanwhile, regulating Facebook’s Libra is not on the agenda because the Fed doesn’t have specific authority to do so.
“We don’t have plenary authority over cryptocurrencies as such. They play into our world through consumer protection and money laundering…But I would say through international forums we have significant input into the payment system and as you know play an important role in the payment system in the United States.”
