The U.S. president has a new comment about cryptocurrencies saying his is not a fan and invites Facebook to become a subject of banking regulations if they want to provide banking services.
„I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.
Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. 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.
We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”
Followers don’t hesitate to react on Trump’s twitt.
„Mr President, I would respectfully request that you educate yourself and your staff thoroughly and properly on crypto currencies and blockchain technology before jumping to conclusions. I am confident that you will see the huge advantages to our country!”, said Matt Jennings, founder and CEO of Kingdom Trust, a company specialized in custody solutions for digital assets and alternative assets.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”