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

Libra and others like it will establish exchange relations with major currencies says PBoC's former governor

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.

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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.

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