Trump Tweets Against Cryptocurrency, Specifically Libra and Bitcoin

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The full text of the three tweets reads:

“…Similarly, Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National…

While what prompted Trump to speak out about the issue is unkown, it did come on the night of Trump’s “Social Media Summit.” It is a closed-door conference with participant from right-wing social media notables. The said meeting might have brought Facebook and cryptocurrencies at top of Trump’s mind.

In preparation for the upcoming Libra hearings on July 17, Marcus addresses a letter to Chairwoman Maxine Waters and members of the House Financial Services Committee. Marcus wrote, “I want to give you my personal assurance that we are committed to taking the time to do this right.”

The regulators across the globe have shown concern over Libra’s launch ever since the projects formal announcement was made. Recently, the members of the G7 formed a task force led by France, that will look into the project. The Bank for International Settlements (BIS) also expressed concern over the disruption that might occur with big tech firms like Facebook entering the financial space, in its annual report for 2019.

Due to the fear of the potential threat of Libra, China’s central bank has been reportedly hastening the development of its own digital cash, according to a People’s Bank of China (PBoC) official.

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