RATE Group | President Trump Attacks Facebook’s Libra, Says It Has ‘Little Standing’
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President Trump Attacks Facebook’s Libra, Says It Has ‘Little Standing’

14 Jul President Trump Attacks Facebook’s Libra, Says It Has ‘Little Standing’

Posted at 00:45h in Cryptocurrency News by

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donald trump facebook libra cryptocurrency banking charter president holds news conference in rose garden on census and citze
Alex Wong / Getty Images

President Trump attacked Facebook’s new Libra cryptocurrency on Thursday, claiming it will have “little standing or dependability” and that Facebook would need to seek a banking charter if it wanted to move forward.

While cryptocurrencies have certainly been growing for quite some time now, Trump seems to have a particular issue with Facebook deciding to move into the space.

“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,” Trump tweeted. “Unregulated Crypto Assets can facilitate  unlawful behavior, including drug trade and other illegal activity.”

Going on, Trump wrote “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, but like other Banks, National and International.”

Trump also…

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