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July 12, 2019 04:55 pm

Donald Trump Blasts Bitcoin, Facebook Libra, Demands They Face Banking Regulations

President Donald Trump on Thursday night warned Facebook over its plan to create digital currency Libra, a move that poses a new obstacle to the company's cryptocurrency ambitions. From a report: "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," Trump said in a series of posts on Twitter. In the tweets, the president also expressed scepticism of digital currencies in general. "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. "Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity." Trump's entrance into the debate over Bitcoin and Libra could mark a significant development for crypto enthusiasts. The White House has largely remained silent on the subject even as federal regulators like the Securities Exchange Commission, Commodity Futures Trading Commission and units of the Treasury Department have grappled with how to regulate virtual coins.

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