President Trump attacks Facebook's Libra, says it has "little status" – Delivery CBD Store Ottawa Canada

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President Trump on Thursday attacked Facebook's new Libra cryptocurrency, claiming that it would have "little value or reliability" and that Facebook would need a bank charter to move forward.

While crypto-currencies have certainly increased for some time now, Trump seems to have a particular problem.

"I'm not a fan of, who are not money, and whose value is very volatile and based on thin air," Trump told Twitter. "Unregulated cryptographic assets can facilitate unlawful conduct, including the drug trade and other illegal activities. "

Trump wrote: "Facebook Libra's" virtual currency "will have little impact or reliability." If Facebook and other companies want to become a bank, they have to look for a new bank charter and be subject to all banking regulations, but like other banks, national and international. "

Trump also seemed to think that Facebook's virtual currency was supposed to be a way to attack the dollar.

"We only have one currency in the US, and it's stronger than ever, both reliable and reliable," Trump said. "This is by far the most dominant motto in the world and it will remain so. This is called the US dollar!

We asked the White House if she had any further clarification on Trump's comments. A Facebook spokesman declined to comment on Trump's tweet. In an interview, David Marcus, head of Libra, said that Facebook would not see financial data from Libra and that Libra was "engaged in a process of working with regulators, central banks and legislators to ensure that Libra helps solve the problems that the existing financial system is fighting, especially against money laundering, terrorist financing, etc. ".

Facebook initially published a white paper outlining its plans for Libra in June. Cryptocurrency has important lenders such as Visa, Mastercard and PayPal and is designed as a way to make money faster and easier to move around the world.

For what it's worth, Trump is not alone in his concerns. The bipartisan skepticism surrounding this idea is due to the lack of regulation in space.

Last week, Democrats in the House of Representatives claimed that Congress and regulators had to weigh on cryptocurrency before its public launch.

"Because Facebook is already in the hands of more than a quarter of the world's population, it is imperative that Facebook and its partners immediately end their implementation plans until regulators and Congress have the opportunity to examine these problems and to act, "sent lawmakers to Facebook. CEO Mark Zuckerberg.

"During this moratorium, we intend to hold public hearings on the risks and benefits of cryptocurrency-based activities and explore legislative solutions. If we do not put an end to implementation before we can do it, a new financial system based in Switzerland would be too big to fail. "

India is also considering a ban on Libra, which could be the case.

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