Federal Reserve Governor Blasts Facebook's Libra Currency

Brainards remarks on Libra did note that Libra would have a substantial advantage over other digital currencies due to its access to Facebooks multi-billion user platform. However, Brainard went on to say that digital currencies like Libra could put consumers at risk when they are used on a global scale.

What would set Facebooks Libra apart, if it were to proceed, is the combination of an active-user network representing more than a third of the global population with the issuance of a private digital currency opaquely tied to a basket of sovereign currencies, Brainard said.

In October, Breitbart News reported that Libra had suffered a major setback when companies like eBay, MasterCard, and Stripe ended their relationships with Facebooks digital currency project.