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‘It is called the United States Dollar!’: Trump says cryptocurrency is ‘not money’

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Donald Trump expressed his mistrust of cryptocurrency Thursday, saying it was “not money” and warning that those wishing to join the trade would have to abide by banking regulations.

“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,” Trump tweeted.

He added that cryptocurrency, whose electronic nature makes it nearly untraceable, could facilitate illegal activity.

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Cryptocurrency has flourished since Bitcoin launched in 2009. But when Facebook unveiled plans last month for its own virtual currency, Libra, the announcement rattled financial regulators the world over.

With more than two billion Facebook users, the social media giant’s cryptocurrency — which is slated for a 2020 launch and already has multiple partners — could completely disrupt the financial world.

But Trump said that Libra has “little standing or dependability.”

He also warned Facebook and other companies that, should they launch their own cryptocurrency, they would have to abide by both American and international banking regulations.

“We only have one real currency in the USA, and it is stronger than ever,” he tweeted.

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“It is called the United States Dollar!”

A high-level G7 working group is expected to produce a preliminary report on asset-backed cryptocurrencies next week when the group’s finance ministers meet in France.

“The more we, the international regulators, investigate this project, the more we have serious questions and potentially reservations,” said Francois Villeroy de Galhaut, head of the French central bank.

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His American counterpart at the Federal Reserve also broached the topic Wednesday and Thursday when testifying before Congress.

“I think we need to do a very careful, patient, thorough assessment of what the risks really are,” Jerome Powell said Thursday, adding that the size of Facebook’s social media network points to Libra’s “systemic importance.”

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Some American politicians have called for a total freeze on Facebook’s Libra project.

Facebook has pledged to deliver a stable virtual currency that lives on smartphones and could bring over a billion “unbanked” people — adults without bank accounts or those who use services outside the banking system such as payday loans to make ends meet — into the financial system.

The ubiquity of smartphones means digital wallets for Libra could expand the use of banking, credit card services and e-commerce in developing nations.

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WATCH: New Zealand prime minister unfazed as quake hits during an interview

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A moderate 5.6-magnitude earthquake rattled New Zealand's North Island early Monday but failed to crack Prime Minister Jacinda Ardern's trademark composure as she conducted a live television interview.

The quake struck just off the coast before 8:00 am local time (2000 Sunday GMT) at a depth of about 52 kilometres (32 miles) near Levin, about 90 kilometres north of Wellington, the US Geological Survey said.

St John Ambulance and New Zealand Police both said there were no initial reports of injuries or damage. There was no tsunami warning.

But there was sustained shaking in Wellington, where Ardern was being interviewed on breakfast television from parliament's Beehive building, which is designed to absorb seismic forces by swaying slightly on its foundations.

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US farmers are starting to worry as crop prices dip during COVID-19 crisis: ‘It’s kind of glum’

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Dave Burrier steered his tractor through a field, following a GPS map as he tried to plant as much corn as possible amid the yellow and green rye covering the ground.

Striving to get a massive yield out of his crops in rural Maryland is how Burrier hopes to make it through yet another uncertain year, beset by market disruptions caused by the COVID-19 pandemic and renewed trade tensions between the United States and China.

"We've had so much price erosion that we're basically at below the cost of production. We've got to figure out how to manage and turn a profit," Burrier told AFP.

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‘It’s the first time I’ve played golf in almost 3 months’: Trump makes excuses for golfing during coronavirus pandemic

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President Donald Trump was blasted on Sunday for playing golf during the coronavirus pandemic, a dramatic economic recession and after proclaiming churches "essential."

Instead of joining his voters sitting in the pews, Trump went for the links, which drew criticisms for the hypocrisy.

"Sleepy Joe’s representatives have just put out an ad saying that I went to play golf (exercise) today. They think I should stay in the White House at all times. What they didn’t say is that it’s the first time I’ve played golf in almost 3 months, that Biden was constantly vacationing, relaxing & making shady deals with other countries, & that Barack was always playing golf, doing much of his traveling in a fume spewing 747 to play golf in Hawaii - Once even teeing off immediately after announcing the gruesome death of a great young man by ISIS!" tweeted Trump.

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