Home / World / ‘US$ is the only real currency!’ Trump demands banking regulation of bitcoin, Facebook’s Libra — RT Business News

‘US$ is the only real currency!’ Trump demands banking regulation of bitcoin, Facebook’s Libra — RT Business News

The American billionaire leader has criticized the growing popularity of cryptocurrencies, emphasizing that digital assets only facilitate illegal activity and are made of "pure air", unlike, of course, the "reliable" US dollar.

Turning to Twitter after hosting a social media summit at the White House, Donald Trump criticized the use of alternative payment systems, including the popular Bitcoin and the recently announced Facebook Pound, which the president believes "Little reputation or reliability".

"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on air", he said.

Unregulated Crypto Assets can facilitate illegal behavior, including drug trafficking and other illegal activities.

The American public and the global community, the president argued, should use the "Trusted" US dollar instead, as it called for more federal financial transaction regulations on an equal footing.

If Facebook and other companies wish to become a bank, they should look for a new Banking Letter and be subject to all Bank Regulations, as well as other Banks, both national and international.

Trump's passionate attempt to reinforce the image of the US dollar as the only worthwhile reserve currency is understandable in the midst of the global push for alternatives, regardless of Washington's mood. The launch of Bitcoin a decade ago has also changed the global landscape, unleashing a boom in peer financial exchanges, with numerous cash tokens emerging and promising freedom without a central authority and little or no government regulation.

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Considering the attractiveness of such transactions, most governments try to regulate cryptocurrencies to avoid uncontrolled capital flow, but Washington has been especially leery of Facebook's intentions to launch its own currency, Libra, at some point in time. next year to facilitate financial payments to its billionaire users. platform.

Taking into account Facebook's history of unclear privacy policies, Federal Reserve Chairman Jerome Powell warned US lawmakers this week about possible damage Libra could cause.

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"Libra raises many serious concerns regarding privacy, money laundering, consumer protection and financial stability" Powell warned in testimony before Congress, emphasizing that Libra should not be released until these complaints are addressed.

However, other countries, particularly China, are more concerned that Washington has too much control of the cryptocurrency offered by US-based technology giants, further undermining cross-border payments, monetary policies and financial sovereignty. the foreign states.

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