Money: Trump blasts Bitcoin and says cryptocurrencies, including Facebook's Libra, should be 'subject to all banking regulations' - PressFrom - United Kingdom
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MoneyTrump blasts Bitcoin and says cryptocurrencies, including Facebook's Libra, should be 'subject to all banking regulations'

13:30  12 july  2019
13:30  12 july  2019 Source:   msn.com

Trump blasts Bitcoin, Facebook's Libra, demands they face banking regulations

Trump blasts Bitcoin, Facebook's Libra, demands they face banking regulations Trump blasts Bitcoin, Facebook's Libra, demands they face banking regulations

Trump blasts Bitcoin and says cryptocurrencies , including Facebook ' s Libra , should be ' subject to all banking regulations '. "Similarly, Facebook Libra 's 'virtual currency' will have little standing or dependability," Trump added. "If Facebook and other companies want to become a bank , they must

including the popular Bitcoin and Facebook ’ s newly announced Libra , which the president I am not a fan of Bitcoin and other Cryptocurrencies , which are not money, and whose value is must seek a new Banking Charter and become subject to all Banking Regulations , just like other Banks

Trump blasts Bitcoin and says cryptocurrencies, including Facebook's Libra, should be 'subject to all banking regulations' © Reuters

President Donald Trump railed against cryptocurrencies and specifically called out Bitcoin and Libra, Facebook's new cryptocurrency that is backed by companies including Uber and Mastercard.

"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air," Trump tweeted Thursday. "Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity."

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"Similarly, Facebook Libra's 'virtual currency' will have little standing or dependability," Trump added. "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International."

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“If Facebook and other companies want to become a bank , they must seek a new Banking Charter and become subject to all Banking Regulations , just like other Banks , both National and International,” he added. Trump ’ s comments come one day after Federal Reserve Chairman Jerome

WASHINGTON — U.S. President Donald Trump on Thursday criticized Bitcoin , Facebook ’ s proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to “become a bank .”.

Trump blasts Bitcoin and says cryptocurrencies, including Facebook's Libra, should be 'subject to all banking regulations' © Thomson Reuters U.S. President Donald Trump speaks during a "social media summit" meeting with prominent conservative social media figures in the East Room of the White House in Washington, U.S., July 11, 2019. REUTERS/Carlos Barria

Trump suggested that fiat, specifically the US dollar, is the only dependable currency in the world.

"We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable," Trump tweeted. "It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!"

Trump blasts Bitcoin and says cryptocurrencies, including Facebook's Libra, should be 'subject to all banking regulations' © 2019 Chesnot PARIS, FRANCE - JULY 08: In this photo illustration, a visual representation of digital cryptocurrency coins sit on display in front of Libra and Facebook logos on July 08, 2019 in Paris, France. Since the announcement of its creation a few days ago, the virtual currency of Facebook Libra fascinates as much as it worries. Libra, Facebook's cryptocurrency project, worries US representatives and senators: they ask the social network to pause its implementation, the time to investigate Libra and carry out impact studies. The Congress plans to release its findings on July 17, 2019. (Photo by Chesnot/Getty Images)

Trump joins politicians from both sides of the aisle in expressing skepticism about Facebook's ambitions with Libra. Next week, David Marcus, the head of Facebook's cryptocurrency initiative, will testify in front of a Senate committee on the company's plans for Libra and the data privacy concerns involved.

Bitcoin near two-week highs, fueled by hopes for Facebook's Libra

Bitcoin near two-week highs, fueled by hopes for Facebook's Libra Bitcoin near two-week highs, fueled by hopes for Facebook's Libra

"If Facebook and other companies want to become a bank , they must seek a new Banking Charter and become subject to all Banking Regulations , just like WASHINGTON (Reuters) - U.S. President Donald Trump on Thursday criticized Bitcoin , Facebook ' s proposed Libra digital coin and other

“Similarly,” the president said , “ Facebook Libra ’ s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank , they must seek a new Banking Charter and become subject to all Banking Regulations , just like other Banks

Trump blasts Bitcoin and says cryptocurrencies, including Facebook's Libra, should be 'subject to all banking regulations' © 2019 Chesnot PARIS, FRANCE - JUNE 25: In this photo illustration, a visual representation of the digital Cryptocurrency, Bitcoin is displayed in front of the Bitcoin course's graph on June 25, 2019 in Paris, France. Bitcoin surpassed the 11,000 dollar mark Monday, Facebook's arrival on the cryptocurrency market with Libra has boosted global interest around the various currencies in circulation. Bitcoin has reached its highest level since March 5, 2018.(Photo by Chesnot/Getty Images)

Of additional note is that Trump's comments came on the same day as a social-media summit at the White House, in which he accused Facebook and Twitter of censoring him and conservative commentators.

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