Hard blow for Facebook's Libra! While a congressional audience is waiting for the social network on July 16 and 17 to expose its crypto-ambitions, here is the US President expressing his pessimistic view of this project. In a series of tweets published recently , the strongman of the White House has clearly marked his opposition to Libra, but also crypto-currencies in general.
Trump describes his position
Critics of Facebook's cryptocurrency have received a new ally, not just any. Following a multitude of rumors about Donald Trump's concerns about the Libra , the latter finally decided to affirm his anti-crypto position via a tweet.
"I'm not a fan of Bitcoin (BTC) and other crypto-currencies, which are not money, and whose value is very volatile and based on nothing. Unregulated crypto-assets can facilitate illicit behavior, "he says before explaining that only the US dollar will remain the currency of the United States.https://twitter.com/realDonaldTrump/status/1149472282584072192
No green light for Libra
Donald Trump naturally introduces Facebook cryptocurrency in his judgment so as to remove it from a future financial role in the future.Indeed, the President joins the current pessimist Libra criticizing its ambitions and encourages Facebook to take another path to get noticed in the world of finance.
"Similarly, the virtual currency of Facebook Libra will have little value 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, just like other national banks. "What do you think of Donald Trump's statements on cryptocurrencies and libra? Comment in the comments section.
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Dear @infoslink
Discussions regarding Libra and Facebook are very intense lately and I personally don't know yet what to think about it.
I'm mostly interested how FED and other central banks will react if they will realize that Libra is a threat for current financial system.
Personally I will not put my trust in Facebook and I don't think I will ever use Libra. However I will surely pay attention to this project as it may turn our financial world up-side-down....
Important questionI would like to ask you, and hopefully you would share your own opinion:For that reason alone I cannot see monetary system being changed much. Neither by libra or bitcoin or any other crypto. Debts, goverment expenses, trade oil - all of it will still require $$$.
What do you think? Upvote on the way.
Yours,
Piotr
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