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Trump Blasts Bitcoin, Facebook’s Libra, Demands They Face Banking Regulations

US President Donald Trump on Thursday criticised Bitcoin, Fb’s proposed Libra digital coin and different cryptocurrencies and demanded that corporations search a banking constitution and make themselves topic to US and international rules in the event that they needed to “become a bank.”

“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 wrote on Twitter.

“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 and International,” he added.

Fb mentioned final month it could launch its international cryptocurrency in 2020. Fb and 28 companions, together with Mastercard, PayPal Holdings, and Uber Applied sciences, would kind the Libra Affiliation to manipulate the brand new coin. No banks are at present a part of the group.

JPMorgan Chase & Co, the biggest US financial institution by property, plans to launch its personal digital cash.

Trump’s feedback come at some point after Federal Reserve Chairman Jerome Powell informed lawmakers that Fb’s plan to construct a digital foreign money referred to as Libra couldn’t transfer ahead until it addressed issues over privateness, cash laundering, client safety and monetary stability.

Powell mentioned the Fed had established a working group to observe the venture and was coordinating with different international locations’ central banks, a number of of which have additionally expressed concern about Fb’s digital foreign money venture.

The US Monetary Stability Oversight Council, a panel of regulators that identifies dangers to the monetary system, can also be anticipated to conduct a overview.

Fb, the White Home and the Treasury Division didn’t instantly reply to requests for remark. A spokeswoman for the Federal Reserve declined to remark.

Bitcoin, the best-known digital coin, was created in 2008 as an alternative choice to currencies managed by governments and banks, however crypto buying and selling and digital currencies stay largely unsupervised. The market has additionally confronted allegations of cash laundering and terrorist financing.

Trump’s collection of tweets on cryptocurrency additionally come on the heels of an occasion on the White Home the place the president criticised giant know-how corporations that he mentioned handled conservative voices unfairly.

The Web Affiliation, a commerce group representing main tech corporations like Fb, Twitter and Google, mentioned: “Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect.”

© Thomson Reuters 2019


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