Trump Says 'Not Fan' Of Cryptocurrencies, Urges Facebook To Work Under Banking Regulations

Trump Says 'Not Fan' of Cryptocurrencies, Urges Facebook to Work Under Banking Regulations

US President Donald Trump has slammed various cryptocurrencies, saying they were "based on thin air," and noted that Facebook and other companies, issuing cryptocurrencies, should operate in line with banking rules like other banks

MOSCOW (UrduPoint News / Sputnik - 12th July, 2019) US President Donald Trump has slammed various cryptocurrencies, saying they were "based on thin air," and noted that Facebook and other companies, issuing cryptocurrencies, should operate in line with banking rules like other banks.

"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. Similarly, 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, both National and International," Trump wrote in a series of tweets late on Thursday.

Facebook announced in June that it planned to launch its own cryptocurrency Libra in 2020. The IT giant has said that the cryptocurrency would be operated by a Swiss non-profit organization, called the Libra Association.

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