Donald Trump has launched a stinging attack on cryptocurrencies, including Facebook’s proposed Libra coin, and warned that the social media network might be subject to full banking regulation if it is to launch the project.
The US president said in a series of tweets on Thursday that he was “not a fan” of cryptocurrencies including bitcoin, adding that they were “not money” and facilitated illegal activity.
“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, both National and International.”
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