He added that firm’s like Facebook looking to issue digital assets must obtain a banking charter and come under the purview of financial regulators in the country, reports The Guardian on July 12, 2019.
Trump Firedown Bitcoin and Facebook’s Libra
Per sources close to the matter, Trump has poured cold water on the world’s flagship crypto, bitcoin, as well as shooting down Facebook’s Libra cryptocurrency which is under development.
The vocal president stated that neither asset qualifies as real money and as such all entities looking to join the crypto bandwagon must obtain a banking charter and come under the umbrella of global financial regulators.
“I am not a fan of Bitcoin and other cryptoassets which are not money, and whose value is highly volatile based on thin air. If Facebook and other firms want to offer banking services, they must seek a new Banking Charter and become subject to all Banking Regulations.”
The President also argued that unregulated cryptocurrencies are tools for bad actors’ used to facilitate their illegal acts such as drug trade. He concluded that the United States dollar is the only real currency that is dependable.
In his words:
“There’s just 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 across the globe and it will always stay that way. It is called the United States Dollar!”
Facebook Versus Global Regulators
Facebook, the highly-controversial social media big whale, has been nursing the idea of joining the blockchain technology movement for quite some time now.
The multi-billion dollar firm officially made its crypto ambition known to the world on June 18, 2019, by releasing the Libra whitepaper and Calibra wallet. Since then, financial authorities from all parts of the world have been spitting fire.
As reported by BTCManager on July 11, 2019, the United States Federal Reserve Chairman Jerome Powell has declared that the organizers of Facebook’s Project Libra must state in clear terms how they plan to handle the privacy, financial stability, consumer protection, and money laundering issues associated with Libra.
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