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Trump Slams Facebook's Libra Cryptocurrency

He says he's 'not a fan' of cryptocurrencies
By Rob Quinn,  Newser Staff
Posted Jul 12, 2019 12:29 AM CDT
Trump Slams Facebook's Libra Cryptocurrency
President Trump speaks during an event about the census in the Rose Garden at the White House in Washington, Thursday, July 11, 2019.   (AP Photo/Carolyn Kaster)

(Newser) – President Trump declared Thursday that he is "not a fan" of Bitcoin and other cryptocurrencies—including Facebook's upcoming Libra currency. Cryptocurrencies "are not money" and their value is "highly volatile and based on thin air," Trump tweeted. "Similarly, Facebook Libra’s 'virtual currency' will have little standing or dependability," he added. "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."

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He finished by praising the US dollar as "dependable and reliable," and "by far the most dominant currency" in the world, CNET reports. Fed chief Jerome Powell and Democrats on the House Financial Services Committee have also recently expressed misgivings about Libra, which Facebook plans to introduce in the first half of next year, reports Politico. (Read more cryptocurrency stories.)

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