Trump on Bitcoin, libra Facebook currency: "not prove as dependable"
US President Donald Trump said encrypted currencies including Bitcoin and Libra on Facebook, claiming to be worth "based on thin air."
In a series of tweets published Thursday evening, Donald Trump said currencies are not as reliable as the US dollar.
"I am not a fan of Bitcoin and other coded currencies, which are not money, highly volatile and depend on thin air," Trump said, adding that unregulated currencies could "facilitate illegal behavior."
Trump also said that Facebook, which plans to launch its own virtual currency called Libra, will not be reliable. "If Facebook and other companies want to become a bank, they should seek a new banking charter and be subject to all banking regulations, just like other banks," he wrote.
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) ١٢ يوليو ٢٠١٩
....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) ١٢ يوليو ٢٠١٩
...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) ١٢ يوليو ٢٠١٩
Last month, Facebook announced that it would launch Libra, targeting consumers around the world who do not have bank accounts. Currency is managed through a network established by several companies including Facebook, eBay, Uber, Lyft, PayPal and Visa.
At the same time, the price of bitcoin rose more than $ 2 as of Friday morning.
Trump is not the only one who expresses his concerns about the Libra currency on Facebook. At a congressional hearing this week, Federal Reserve Chairman Jerome Powell said the balance raised "serious concerns" over issues such as privacy and consumer protection, according to CNBC reports.
"These are concerns that must be addressed fully and publicly," Powell said.
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