United States President Donald Trump who is more popular for his verbal diahoerra than policies, finally turned his rage on to cryptocurrencies.
In a tweetstorm that came out of nowhere, Trump said, “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 behavior, including drug trade and other illegal activity….”
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 behavior, including drug trade and other illegal activity….
— Donald J. Trump (@realDonaldTrump) July 12, 2019
While he has been echoing the same line that a lot of US Congress has been saying, he further states, “….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…”
For the uninitiated, the US Congress had recently called for Libra to halt its activities on the project, so the House could take a closer look. At the time, Chairwoman Maxine Waters had announced the date for a hearing.
The hearing titled, ‘Examining Facebook’s Proposed Cryptocurrency and Its Impact on Consumers, Investors, and the American Financial System’ will be held on July 17 2019.
Recently, we had reported that Waters had said that the company should halt the project, so that Congress and regulators can review the issue. Waters, in a statement, to news portal Reuters had said, “Facebook has data on billions of people and has repeatedly shown a disregard for the protection and careful use of this data. With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users.”
Trump further said, “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!”
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