Carney's deputy Sam Woods said that launch of Libra may raise regulatory issues adding that across the world regulators might have to think about the best treatment for this new asset class, reported Reuters.
In this June 27, 2018 file photo, House Financial Services Committee ranking member Rep. Maxine Waters, D-Calif., asks a question of Housing and Urban Development Secretary Ben Carson, during a hearing on Capitol Hill in Washington.
Facebook says the currency's mission is to "reinvent money" and "transform the global economy so people everywhere can live better lives".
Unlike some other cryptocurrencies (ahem Bitcoin) Libra will have a stable value backed by global currencies, such as the dollar, euro and yen.
In May, the leaders of the Senate Banking Committee wrote to Facebook seeking information on rumors of its cryptocurrency project, and how it would protect consumer information. As per a recent Bloomberg report, French Finance Minister Bruno Le Maire has said that Libra should not be seen as a replacement for the conventional currencies.
Consumer privacy is a central concern Facebook.
There is also a level of bi-partisan support for the move to bring Facebook to a hearing.
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The plan has already come under fierce criticism from financial regulators and lawmakers.
"Facebook is already too big and too powerful, and it has used that power to exploit users' data without protecting their privacy". In other countries, Calibra will be made available via Facebook's Messenger, WhatsApp and also as a standalone app. The new cryptocurrency is developed collaboration with top companies such as Visa, MasterCard, PayPal, eBay, Lyft and, Uber.
Facebook has been dogged with questions about users' personal data, especially since the Cambridge Analytica scandal hit a year ago.
"Given the company's troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a crypto-currency until Congress and regulators have the opportunity to examine these issues and take action", said Democratic congresswoman Maxine Waters.
The Libra blockchain technology will apparently be able to handle 1,000 transactions per second, compared to Bitcoin's seven transactions per second or Ethereum's 15 transactions per second.
"It is a grass-roots entry into a new field and can actually reflect an increase in innovation", she said.
The launch of the recent cryptocurrency by Facebook has created a hype in the crypto-market.
Powell said there are potential benefits with crypto but there are potential risks.