Trump: ‘Not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra

CNBC 2019-07-12 02:07

Trump: ‘Not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra
CNBC ^ | 07-11-2019 | Yen Nee Lee

Posted on 07/11/2019 7:35:01 PM PDT by NRx

U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra.

In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,” said the president.

Trump is not the only one who has criticized Facebook’s plan to introduce Libra. Federal Reserve Chair Jerome Powell, French Finance Minister Bruno Le Maire and Bank of England Governor Mark Carney are among government leaders and central bank chiefs who have spoken up against Libra.

Facebook declined to comment on Trump’s twitter posts.

(Excerpt) Read more at cnbc.com …

TOPICS: Business/Economy; Front Page News; Government
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1 posted on 07/11/2019 7:35:01 PM PDT by NRx

To: NRx

I may have to start using that intro: “I’m not a fan…”

To: lee martell

In Africa people are using smart phone minutes and gigabytes as currency since they can be traded.

3 posted on 07/11/2019 7:39:49 PM PDT by Oldexpat (Jobs Not Mobs)

To: NRx

More crime was facilitated with $100 bills last week than with Bitcoin. Bitcoin is hardly the tool of criminals.

4 posted on 07/11/2019 7:49:39 PM PDT by Vermont Lt (If we get Medicare for all, will we have to show IDs for service?)

To: NRx

5 posted on 07/11/2019 7:51:01 PM PDT by amorphous

To: Oldexpat

In Africa people are using smart phone minutes and gigabytes as currency since they can be traded.

There’s something weirdly funny about that.

I sure miss The Far Side.

6 posted on 07/11/2019 7:51:41 PM PDT by Ezekiel (The pun is mightier than the s-word.)

To: Oldexpat

Intrinsic value.

To: lee martell

“Intrinsic value.”

There is no such thing as ‘intrinsic value’.
The word value presupposes a Valuer. The value of any good or service is subjective.
Cryptocurrency has value as a medium of exchange that cannot be counterfeited by governments.

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