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Trump slams the Facebook cryptocurrency



(Newser)

President Trump said Thursday that he was "not a fan" of Bitcoin and other crypto-currencies, including the next Libra currency on Facebook. Crypto-currencies "are not money" and their value is "very volatile and based on thin air", Trump tweeted. "Similarly, the" virtual currency "of Facebook Balance will have little status and reliability," he added. "If Facebook and other companies want to become a bank, they have to look for a new bank charter and be subject to all banking regulations, just like other banks." He concluded by praising the US dollar as "reliable and trustworthy" and "by far the most dominant currency" in the world, reports CNET. Fed chief Jerome Powell and Democrats of the House Financial Services Committee have recently expressed doubts about Libra, which Facebook plans to introduce in the first half of next year. , reports Politico. (Read more cryptocurrency stories.)

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