U.S. President Donald Trump expressed his views on cryptocurrencies, saying that not only was he “not a fan” of Bitcoin, he also believes Facebook’s Libra will have little standing or dependability when launched. He said that Facebook should be subjected to banking regulations both in the U.S. and globally.
Trump expands his opinion on cryptocurrencies taking a jab at Libra
After more than two years of silence on cryptocurrencies, U.S. President Donald Trump has finally shared his thoughts on the burgeoning new industry. And while his comments were nothing unexpected, the very fact he spoke about digital assets was seen as a clear sign that the industry is maturing.
In a series of tweets posted on July 12, Trump said that he was neither a fan of Bitcoin nor of Facebook‘s “virtual currency,” which he believes will have very little “standing or dependability.” His knowledge of the matter seems limited, though, as he implied that the only way Facebook could issue Libra is to become a bank.
Trump explained that if Facebook, or any other company for that matter, want to issue cryptocurrencies and become banks, they would have to be subjected to banking regulations both in the U.S. and globally.
….Similarly, 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, just like other Banks, both National…
— Donald J. Trump (@realDonaldTrump) July 12, 2019
Starting a bank in U.S.