WASHINGTON, Oct 22 (Reuters) - U.S. Treasury Secretary Steven Mnuchin said Tuesday that he has told Facebook that its efforts to launch a cryptocurrency, Libra, by mid-2020 are "premature."

Testifying before the House Financial Services Committee, Mnuchin said the project still faces several "fundamental issues" that must be addressed before any launch, including how it would prevent money laundering and other illicit activity. (Reporting by Pete Schroeder Editing by Chizu Nomiyama)