Why Donald Trump’s mistrust for cryptocurrency is warning to Facebook’s Libra

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Published: July 13, 2019 4:16:42 PM

Joining the long list of crypto-critics, the US President Donald Trump has publicly expressed his mistrust for cryptocurrency saying it was ‘not money’ and was based on ‘thin air.’

Donald Trump, Bitcoin, Facebook, Libra, Libra digital coin, Mastercard Inc, PayPal Holdings Inc, Uber Technology, ies Inc, global cryptocurrencyTrump even issued a warning to the crypto traders that they would have to follow the banking regulations.

Joining the long list of crypto-critics, the US President Donald Trump has publicly expressed his mistrust for cryptocurrency saying it was ‘not money’ and was based on ‘thin air.’ He even issued a warning to the crypto traders that they would have to follow the banking regulations. “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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….”, he tweeted.

Adding, the American president also said that even Facebook’s newly launched virtual currency Libra has “”little standing or dependability.”  “We only have one real currency in the USA, and it is stronger than ever. It is called the United States Dollar!”, he also tweeted. “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.

In June, Facebook announced that 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. The latest series of tweets from the US President come at a time when at an event at the White House, Donald Trump criticised large technology companies that he said treated conservative voices unfairly.

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