Tech & Science: Trump blasts Bitcoin, Facebook's Libra, demands they face banking regulations - - PressFrom - United Kingdom
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Tech & ScienceTrump blasts Bitcoin, Facebook's Libra, demands they face banking regulations

12:21  12 july  2019
12:21  12 july  2019 Source:   reuters.com

Facebook to launch its Bitcoin rival as soon as this month

Facebook to launch its Bitcoin rival as soon as this month Facebook has been working on its own cryptocurrency for quite a while now, and it looks like the company is seeking to unveil its product as soon as its month. 

Trump blasts Bitcoin and says cryptocurrencies, including Facebook ' s Libra , should be 'subject to all banking regulations '. President Donald Trump railed against cryptocurrencies and specifically called out Bitcoin and Libra , Facebook ' s new cryptocurrency that is backed by companies like Uber

Trump demands banking regulation of bitcoin , Facebook ’ s Libra . Published time: 12 Jul, 2019 02:11. 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

Trump blasts Bitcoin, Facebook's Libra, demands they face banking regulations © Reuters/Dado Ruvic Facebook logo is seen on representations of Bitcoin virtual currency in this illustration picture

WASHINGTON (Reuters) - 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."

"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 wrote on Twitter.

"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.

Virtual Facebook currency faces real-world resistance

Virtual Facebook currency faces real-world resistance If Facebook's new cryptocurrency should resonate anywhere it should be India, where the social media giant has more than 300 million followers. Many Indians are shut out of banking and face punitive fees for simple transactions, like transferring money to their loved ones. But in India as elsewhere, the US company's ambitions to remake global finance through its "Libra" currency will have to overcome regulatory mistrust, plus the existence of popular homegrown rivals in the market for digital payments.

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The public perception of Facebook ’ s digital currency project remains all over the place. Despite a lot of initial excitement regarding Libra , it remains to be seen how well the project will fare when everything is said and done. While there may be some big hurdles ahead, there are a few key reasons as to why

Facebook said last month it would launch its global cryptocurrency in 2020. Facebook and 28 partners, including Mastercard Inc , PayPal Holdings Inc and Uber Technologies Inc , would form the Libra Association to govern the new coin. No banks are currently part of the group. JPMorgan Chase & Co , the largest U.S. bank by assets, plans to launch its own digital coins.

Trump blasts Bitcoin, Facebook's Libra, demands they face banking regulations © Reuters/Dado Ruvic Libra logo in illustration picture Trump's comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.

Powell said the Fed had established a working group to follow the project and was coordinating with other countries' central banks, several of which have also expressed concern about Facebook's digital currency project.

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

Facebook ’ s Libra cryptocurrency is facing increasing skepticism from international regulators days after ambitious plans for it were unveiled by the Bitcoin passes ,000 on news of Facebook ' s cryptocurrency plan. Read more. Facebook ' s Libra cryptocurrency 'poses risks to global banking '.

Libra ' s low fee transaction should incentivize customers to use the token to send money, analysts said. Bitcoin , on the other hand, got more expensive and slower in conducting transactions. " Libra is meant to be built from the ground up to be fast and inexpensive to transact with…huge difference because it

The U.S. Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to conduct a review.

Facebook, the White House and the Treasury Department did not immediately respond to requests for comment. A spokeswoman for the Federal Reserve declined to comment.

Bitcoin , the best-known digital coin, was created in 2008 as an alternative to currencies controlled by governments and banks, but crypto trading and digital currencies remain largely unsupervised. The market has also faced allegations of money laundering and terrorist financing.

Trump's series of tweets on cryptocurrency also come on the heels of an event at the White House where the president criticized large technology companies that he said treated conservative voices unfairly.

The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said: "Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect."

Former Japan central banker warns Facebook's Libra may undermine monetary policy.
Former Japan central banker warns Facebook's Libra may undermine monetary policy

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