Home / Business / "US $ is the only real currency!", Demand Bitcoin Banking Regulation, Facebook Balance – RT Business News

"US $ is the only real currency!", Demand Bitcoin Banking Regulation, Facebook Balance – RT Business News

The leader of the American billionaire has criticized the growing popularity of crypto-currencies, pointing out that digital assets only facilitate illegal activities and are made from "hidden words" – unlike, of course, the US dollar "reliable ".

After turning to Twitter after hosting a social media summit at the White House, Donald Trump criticized the use of alternative payment systems, including the popular Bitcoin and Libra recently announced on Facebook, according to the president. "Little standing or reliability."

"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is very volatile and based on thin air," he said.

Unregulated cryptographic assets can facilitate illicit behavior, including drug trafficking and other illegal activities.

The US public and the international community, argued the President, should use the "reliable" US dollar instead, as he called for more federal regulations on peer-to-peer financial transactions.

If Facebook and other companies wish to become a bank, they must look for a new bank charter and be subject to all banking regulations, like other banks, national and international.

Trump's passionate attempt to strengthen the image of the US dollar as the only valuable reserve currency is understandable given the global trend for alternatives, independent of Washington's mood. The release of Bitcoin a decade ago has also changed the global landscape, triggering a boom in peer-to-peer financial exchanges, with many tokens of money and a promising freedom without central authority and little or no regulation government.

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Considering the attractiveness of such deals, most governments seek to regulate cryptocurrencies to avoid uncontrolled capital flows, but Washington is particularly wary of Facebook's intention to launch its own currency – Libra – sometime next year to facilitate financial payments through its multi-billion platform users.

Federal Reserve Chairman Jerome Powell reminded US lawmakers this week of Facebook's dubious privacy policies regarding the damage Libra could cause.

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"Libra raises many serious concerns about privacy, money laundering, consumer protection and financial stability" Powell warned in testimony before Congress, stressing that Libra should not be released until these grievances have been addressed.

However, other countries, especially China, are more worried that Washington will control too much the crypto-money being hawked by US-based technology giants, which would further undermine cross-border payments, monetary and financial policies. the financial sovereignty of foreign states.

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