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The Federal Reserve has set up a working group to address concerns related to Facebook's Libra cryptocurrency, Chairman Jerome Powell said during his testimony.

While Powell acknowledged that he does "support reasonable innovation in the financial services industry," he said that Facebook's (FB) Libra "raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability."

He said the Fed's working group is collaborating with US regulatory agencies and the Treasury Department, as well as central banks around the world. The Treasury's Financial Stability Oversight Council has also set up a staff-level working group to look at Libra, Powell said.

"The process of addressing these concerns, we think, should be a patient and careful one and not a sprint to implementation," Powell said.

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