Trump Blasts Facebook’s Libra and all cryptocurrencies: "I am not a fan"

Trump Blasts Facebook’s Libra and all cryptocurrencies:

He goes on to say that if companies wish to act as a bank, they need to then seek a banking charter, tasking them to follow the regulations that all banks are legally required to follow.

Trump has meanwhile unleashed a vicious attack on virtual currencies, slamming them for their alleged shadowy nature and arguing that Libra had no standing nor dependability - unlike the dollar. It's by far, probably the most dominant currency wherever in the World, and it'll always stay that way.

"While the project's sponsors hold out the possibility of public benefits, including improved financial access for consumers, Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability", Powell said when Rep. Maxine Waters asked him about the digital currency.

The Facebook currency has already grabbed the attention of Fed Chairman Jerome Powell.

Facebook declined to comment on Trump's twitter posts. In early July five Democrat lawmakers sent a letter to Facebook executives including Chief Executive Mark Zuckerberg, calling on the social media giant to halt production of Libra, which is slated to roll out in the first half of next year.

Chris Hughes, the co-founder of Facebook, also reportedly said that this currency could potentially interrupt and incapacitate countries around the world by empowering people to stop using their local currencies and use one that would lead to a decentralised form of governance.

In his tweet, the president went ahead to say companies like Facebook have made a decision to position themselves as banks and will have to follow the same regulations as banks. They got here the night time of Trump's "Social Media Summit", a closed-door convention that introduced many proper-wing social media notables collectively.

The DeVere chief did agree that Facebook's new Libra cryptocurrency should be scrutinized. One thing is certain, Bitcoin (BTC) and cryptocurrencies are becoming more popular than ever and will have to be considered as part of the financial system, forcing this industry to evolve, even if it's not ready to do so.

Trump is right when it comes to the increased volatility of cryptos, but the value of cryptocoins and blockchain technology doesn't just come out of thin air. In a series of tweets yesterday, Trump professed his commitment to a strong USA dollar and his disdain for the virtual currencies.

While some cryptocurrency fans may have been dismayed to see U.S. President Donald Trump criticize Bitcoin and other cryptocurrencies yesterday, leading advocates like Coinbase CEO Brian Armstrong and Fundstrat's Tom Lee appear to disagree.

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