WASHINGTON – U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook’s proposed Libra

The Red Tea Detox

digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to “become a bank.”

“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,” Trump wrote on Twitter.”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.

READ  33 passengers hospitalized after Ryanair flight plummets virtually 30,000 ft

Trump’s comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook’s plan to build a digital currency called Libra cannot move forward unless it addresses concerns over privacy, money laundering, consumer protection and financial stability.

READ  On-line Assaults on Jews Ramp Up Earlier than Election Day

Powell said the Fed has established a working group to follow the project and is coordinating with other government’s central banks. The U.S. Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to make a review.

READ  Former French President Sarkozy Set for Trial Over 2012 Campaign

Hours earlier on Thursday, Trump criticized large technology companies at an event at the White House, who he said treated conservative voices unfairly.

The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said, “Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here