Washington, DC | US President Donald Trump hit out at the Bitcoin, Facebook’s proposed Libra and other cryptocurrencies, saying “they are not actual money”.
He said that if these organisations want to become a bank, then they should be subjected to banking regulations.
Trump wrote on Twitter, “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. Unregulated Crypto Assets can facilitate unlawful behaviour, including drug trade and other illegal activity”.
“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 and International”, he added.
Trump then went on to claim that they have only one real currency in the USA and that it is the most dominant currency.
“We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”, he wrote.
Facebook announced last month it would launch its global cryptocurrency in 2020.
The bitcoin had created a controversy two years back when its prices blew up. It was introduced in 2008 as an alternate method of currency, which can be unregulated by banks and government.
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