Trump fires a broadside at Facebook's online currency

Fed Chair Says Libra ‘Cannot Go Forward’ Until Facebook Addresses Concerns

The U.S. President claimed the value of cryptocurrencies is "highly volatile and based on thin air".

US President Donald Trump expressed his mistrust of cryptocurrency Thursday, saying it was "not money" and warning that those wishing to join the trade would have to abide by banking regulations.

"Facebook Libra's "virtual currency" will have little standing or dependability".

According to the POTUS, Facebook has to seek a new Banking Charter, becoming subject to all national and global banking regulations in order to provide financial services.

"We have only one real currency in the U.S., and it is stronger than ever, both dependable and reliable", he said.

Trump has just tweeted his disapproval for cryptocurrency.

He added that cryptocurrency, whose electronic nature makes it almost untraceable, could facilitate illegal activity.


The American billionaire leader has slammed the growing popularity of cryptocurrencies, stressing that digital assets only facilitate illegal activity and are made out of "thin air" - unlike, of course, the "reliable" U.S. dollar.

Facebook, using its Calibra subsidiary, announced last month that it would be jumping into the world of cryptocurrency with its own coin - Libra. "Its by far the most dominant currency anywhere in the World, and it will always stay that way".

The U.S. Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to conduct a review.

Furthermore, looking at Bitcoin's Google Trends chart, the searches for the phrase "bitcoin" have significantly increased - from 41 to 100 - after Trump's tweets in the United States. The cryptocurrency will be operated by a nonprofit group dubbed the Libra Association but Facebook will still make money with its digital wallet that will store and exchange the tokens.

Bitcoin, the best-known digital coin, was created in 2008 as an alternative to currencies controlled by governments and banks, but crypto trading and digital currencies remain largely unsupervised.

His opposite number in the US, Federal Reserve chairman Jerome Powell, said Libra can not move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability.

"We write to request that Facebook and its partners immediately agree to a moratorium on any movement forward on Libra- its proposed cryptocurrency and Calibra-its proposed digital wallet", the lawmakers led by Maxine Walters, chair of the House Financial Services Committee wrote.

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