LONDON: Bitcoin slumped more than 10% over the weekend to a two-week low as fears of a crackdown of cryptocurrencies grew on mounting scrutiny of Facebook’s planned Libra digital coin.
Politicians and financial regulators across the world have called for scrutiny of Facebook’s Libra coin, with concerns ranging from consumer protection and privacy to its potential systemic risks given the social media giant’s global reach. Bitcoin, which initially shrugged off Trump’s tweet, fell sharply after US Federal Reserve Chairman Jerome Powell called for a halt to Facebook’s project until concerns from privacy to money-laundering were addressed.
Underscoring the growing attention on Facebook’s plans, Japanese authorities have also set up a working group to look at Libra’s possible impact on monetary policy and financial regulation, government sources told Reuters.
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