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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.

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.

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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.”

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

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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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Here are 5 of the wildest and most outrageous comments Trump just made to the press

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During an Oval Office meeting with Pakistani Prime Minister Imran Khan on Monday, President Donald Trump gave rambling and outrageous comments to the press about a wide range of subjects.

Here are just five of the wildest things he said in the meeting:

1. “Afghanistan would be wiped off the face of the earth.”

Trump said he could “win” the war in Afghanistan by simply committing genocide against the entire population.

“If we wanted to fight a war in Afghanistan and win it, I could win that war in a week,” he said. “I just don’t want to kill 10 million people.”

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Trump blasts Iran, says hard to deal with top ‘terror’ state

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US President Donald Trump said Monday that chances of negotiating with Iran were dwindling, as he cited increasing tensions in the Gulf and blasted the Islamic republic as the world's top "state of terror."

The president cited a series of recent conflicts involving Tehran, including the downing of US and Iranian drones and, most recently, Tehran's announcement that it arrested 17 people in connection to a CIA spy ring, a claim Trump rejected as "lies."

"Frankly it's getting harder for me to want to make a deal with Iran, because they behave very badly," Trump told reporters in the Oval Office, as visiting Pakistani Prime Minister Imran Khan sat at his side.

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Neighbors in Nashville suburb form human chain to prevent ICE from taking man into custody

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In a Nashville suburb, an ICE agent’a attempt to take a man into custody on Monday morning proved unsuccessful when the man’s neighbors formed a human chain.

An agent for the U.S. Department of Immigration and Customs Enforcement, according to Nashville’s WVTF Channel 5 (a CBS affiliate), attempted to detain the man in Hermitage, Tennessee, which is about ten miles from Downtown Nashville.

The man had entered his van with his son when the agent blocked them in, and neighbors responded by bringing them water and wet rags. After the neighbors formed a human chain, the man and his son were able to escape and enter their home — which the ICE agent was not authorized to enter.

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