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.
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.
“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.
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.
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.
Israeli president to meet Netanyahu, Gantz in bid to break deadlock
Israel's president will meet Prime Minister Benjamin Netanyahu and his main opponent Benny Gantz together on Monday as he pressures their two parties to form a unity government after last week's election.
The key meeting comes as the deadlocked vote results threaten Netanyahu's long tenure in office, but he has shown no sign of willingly giving up his post.
President Reuven Rivlin announced in a statement he had invited the two to a meeting together in the evening as he considers whom to task with trying to form a government.
Rivlin made the announcement after he wrapped up consultations with political parties elected to parliament to hear their recommendations for who should form the next government.
‘A threat to virtually everything that the United States should stand for’: Scathing NYT op-ed on Trump goes viral
A damning piece by New York Times Opinion Columnist David Leonhardt is going viral. “Donald Trump vs. the United States of America” says it’s “Just the facts, in 40 sentences.”
That’s all it is.
40 sentences, 40 facts chronicling President Donald Trump’s lawlessness, self-dealing, un-American behavior, attempts to do real damage to vital institutions, and grotesque acts. Some are impeachable offenses. Some are just not worthy – or are disqualifying – of a president of the United States.
Mississippi: African American voters sue over election law rooted in the state’s racist past
A lawsuit over a Mississippi election law, if successful, will change the way that state elects its governor.
Four African Americans filed the federal civil rights lawsuit in May 2019, charging that the way their state elects its statewide officials violates the Voting Rights Act, the 14th Amendment and the principle of “one-person, one-vote.”
To win election, a candidate for governor of Mississippi has to win an outright majority of the popular vote – and win a majority of the state’s 122 House districts.