US President Donald Trump: Facebook Needs a Bank License for Its Cryptocurrency

Crypto Credit Lines Sponsored   Crypto Industry 2 mins Facebook Crypto Products Not Coming to World’s Biggest Markets Martin Young 1 min ago

Trump's position seems to be that the USA dollar is sufficient and that cryptocurrencies, based on "thin air" are "not money".

U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank".

"Facebook Libra's "virtual currency" will have little standing or dependability", Trump said. He further added that it is the most dominant currency in the world, and assured that it will remain this way.

President Trump yesterday slammed cryptocurrencies, singling out bitcoin (BTC) and Facebook Libra in particular.

Other Twitter users accused Trump of believing in fake news about cryptocurrencies.

Meghan Markle and Kate Middleton Return to Wimbledon Together
Prime Minister Theresa May was among the famous faces watching the action with the duchesses from the royal box on Saturday. The famous Venus Rose Water Dish was presented to her by the President of the All England Club, the Duke of Kent.

Trump's entrance into the debate over Bitcoin and Libra could mark a significant development for crypto enthusiasts. Facebook's David Marcus, the architect of Libra and Facebook's digital wallet, Calibra, can expect to get grilled. Several global government officials, including Bank of England governor Mark Carney, have raised their concerns regarding Facebook's cryptocurrency Libra.

Facebook declined to comment on Thursday night.

Several high-level officials have spoken out against Libra over the past week, including Federal Reserve Chairman Jerome Powell. They decry most attempts by other projects to anonymize or mask transactions, saying this is the aspect of bitcoin that would facilitate most bad behavior.

Bitcoin and the aggregated crypto markets have been facing tremendous volatility over the past few days that has been exasperated by comments being made about BTC and the nascent crypto markets by world leaders and politicians - who undoubtedly will sway how United States policy is aimed at the crypto markets from a regulatory standpoint. It is modelled on bitcoin and other so-called cryptocurrencies. The U.S. Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is expected to review the new digital currencies.

As the industry matures with advanced safeguards to prevent activities that governments are primarily concerned about in the likes of money laundering and terrorist financing, the concerns of President Trump could become resolved over time.

Related News:



Most liked

Natural disaster rattles Seattle area
Earthquakes can be caused by many natural phenomena and it's not a surprise one hits us. Nothing like a Tsunami is anticipated, so the residents of Seattle can chill.

Wimbledon Day 11 Surprises: Federer outdoes Nadal
Djokovic? I think the moment you've played somebody probably more than 15 times , there's not that much more left out there. Though the Swiss was able to manoeuvre out of that, he saw two more match points come and go as Nadal upped the ante.

Serena Williams loses in straight sets in Wimbledon final
Halep only had been as far as the semifinals once at Wimbledon until now. "It was one of my motivations before this tournament". Interested in Tennis? Add Tennis as an interest to stay up to date on the latest Tennis news, video, and analysis from ABC News.

Judgement Day? 'Robot umpire' debuts in Atlantic League
I realize that hasn't stopped Major League Baseball before, but I am genuinely curious who came up with this idea. MLB reportedly plans to test the Trackman software as part of a three-year partnership with the Atlantic League.

No More Talk, Cyprus Wants EU Sanctions Over Turkish Drilling
The official said further details can not be revealed as the process is under way. Erdogan essentially dared Cyprus to try to take them into custody so far.

Congress Goa MLAs formally join BJP
Friday's court order gives a breather to the Karnataka government, which could have fallen if the resignations were accepted. Dhavan also added that the Speaker had to conduct an enquiry to ascertain that the resignations were genuine and voluntary.

China June soybean imports fall on trade war, deadly pig disease
China's total exports ticked up 0.1 percent on-year during the first six months while imports fell 4.3 percent. China's global exports sank 1.3 percent to $212.8 billion while imports fell 7.3 percent to $161.9 billion.

Which Fast Food Place Has the Best French Fries?
The offer is available exclusively through the McDonald's mobile app for iOS, which means you'll need an account to get the deal . At BurgerFi (the closest one is in Cuyahoga Falls), customers can get a regular order of fries for $1 all day.

Daniel Sturridge’s Lucci strike! Star and dog reunited after £30k appeal
Sturridge, 29, offered a £30,000 reward for the return of the Pomeranian, which he said was stolen during a break-in at his house in Los Angeles.

Ed Sheeran confirms he is married to Cherry Seaborn
You'd have to hunt the song online to listen (sorry). "Congrats on more unbelievable music!, Love you dude @teddysphotos". The Astroworld rapper appears on the song "Antisocial", for which he has also debuted a cinematic video.

Fire rages on Maui
Maui Electric said about 4,000 customers in parts of South Maui lost power Thursday at around 1:50 p.m. due to the fire. The County of Maui's Facebook page is providing updates on road closures and evacuations.

The bug's been squashed: VW builds its final Beetle
Top brass has indicated the company's electric-car platform is the flawless opportunity to showcase emotional vehicles. From 1955, the factory has been building first-, second-, and third-generation Beetles without interruption.

Seattle natural disaster : Quake rattles Washington state today, followed by aftershock today
The quake was relatively shallow, but according to the USGS map , it was felt all the way to the Canadian border. The US Geological Survey (USGS) reports that a magnitude 4.4 quake shook the Seattle area early Friday morning.

China is obliged to buy more USA agricultural goods, according to Trump
Mr Trump also claimed that China, in exchange, has agreed to buy a "tremendous amount" of American food and agricultural products. China's trade surplus with the United States , a major source of friction, rose 11 per cent in June from May to $29.92 billion.

I won't complain about Wimbledon crowd - Djokovic
Having won his 12th French Open title last month, he had looked fired-up to win his third Wimbledon crown and first since 2010. Two more service holds put him within a set of victory and the Swiss turned the screw in the fourth set as Nadal faded.