Trump Criticizes Cryptocurrencies, Wants Them to be Regulated

Posted Friday, July 12, 2019 by
Arslan Butt • 1 min read

Moving beyond trade, US President Trump’s latest target appears to be cryptocurrencies, especially BITCOIN and Facebook Libra. On Thursday, Trump demanded that cryptocurrencies be subject to US and global regulations before seeking a banking charter.

One of his tweets posted on this issue reads, “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”.

On Wednesday, Fed Chair Powell had also come down heavily on Facebook Libra during his congressional testimony. He had remarked that Facebook should address all serious concerns related to privacy, security, money laundering and more, before launching its cryptocurrency Libra.

The Federal Reserve has set up a working group to monitor Facebook’s latest initiative and is coordinating with other central banks around the world to explore the implications of Libra.

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