The U.S. President Donald Trump on Thursday said, “He is not a fan of cryptocurrencies, and if Facebook wants to become the bank, then Facebook may need a banking charter for it.”
In a series of tweet, President Trump on twitter tweeted that “I’m not a fan of Bitcoin and other Cryptocurrencies, but an Unregulated Crypto Assets whose value is highly volatile and based on thin air and can be used to facilitate unlawful behavior, including drug trade and other illegal activity.”
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….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Tweeting more on this, Trump said, “If Facebook and other companies want to become a bank, then they must seek a new Banking Charter and follow all Banking regulations, just like other banks.”
….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…
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Adding to the tweet, Trump also said, “There is only one real currency in the United States, which is stronger than ever, and by far it is most dominant currency anywhere in the world, which is called the United States Dollar.”
…and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. 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!
— Donald J. Trump (@realDonaldTrump) July 12, 2019
It is interesting to know that, Trump is not only the one who criticized Facebook’s plan to launch its own cryptocurrency called Libra, but Federal Reserve Chair Jerome Powell, French Finance Minister Burno Le Maire, and Mark Carney the Governor of Bank of England are among the government leaders and federal bank chiefs who also opposed the Libra.
