Bitcoin, Crypto currency, Blockchain

Trump is not a Fan of Bitcoin and Facebook’s Libra Coin

0a4e9afabc16731364cef0e520f805f7 - Trump is not a Fan of Bitcoin and Facebook's Libra Coin

Trump is not a Fan of Bitcoin and Facebook’s Libra Coin

Home News Trump is not a Fan of Bitcoin and Facebook’s Libra Coin

Of
Marcel Knobloch –
12.07.2019

The crypto market shows that in the last days and weeks of great volatility that has particularly pleased traders. , Close to which there was again sharp criticism of the top from the white house. The American President expressed publicly to the Bitcoin and Facebook’s scheduled in-house digital currency.

US President, Donald Trump has been spreading on the Thursday panic mood, in which he was announced at a press conference that he is currencies, not a Fan of Bitcoin and Crypto. In a series of Tweets, Trump argues that crypto-currencies have no value, and it also regulates must be. Currently, they are used for money laundering and the financing of terrorism.

He also refers to the Facebook-planned digital currency, which will be already next year launched and more than 2.3 billion people, to provide access to financial resources. Facebook needs to make sure that the currency must meet all of the statutory requirements, which also apply to the USD or in other currencies. The only real and strongest currency in the world is translated and remains, according to Trump, the USD (free):

In a similar manner, the “virtual currency” of Facebook-Libra will have little Reputation and reliability. If Facebook and other companies want to be a Bank, you need to seek a new Bank Charter, and like other national and international banks, all Bank rules are subject to.

We have only one real currency in the United States, and it is more reliable and stronger than ever before. It is by far the most dominant currency in the world and it always will. It is called the US Dollar!

The attitude of Trump agrees with the views of some members of the U.S. Congress, the a stop to the further development of the Facebook Libra-challenge Coin and first of all, the facts of the case to investigate. The democratic members of the House Financial Services Committee write a letter to Facebook and asked the Tech giant, to interrupt and to give the Congress time to get a better Overview of the project and its actual extent of for the financial system (freely translated):

We call on Facebook, and his Partner in writing, immediately a Moratorium on any further movement in relation to the scale of the proposed crypto-currency and the Calibra – the proposed digital wallet to agree with. It looks like could be suitable these products are for a completely new global financial system, which was established by Switzerland and the US monetary policy and the US Dollar to compete. This raises serious concerns about privacy, trade, national security and monetary policy, not only for the 2 billion users of Facebook, but also for investors, consumers and the world economy as a whole.

Further criticism came from the Chairman of the US Central Bank (Federal Reserve), Jerome Powell, who also calls for education and a stop to view (freely translated):

It is something that does not fit exactly, or just in our regulatory schema, but potentially systemically relevant. I am of the firm Belief that we need to take all of the time.

The head of the development of the block chain Department at Facebook, David Marcus, will ask the Congress next week, and answer all questions. However, no one currently speaks at Facebook of a possible development stop, or other circumstances that may prevent the advancement of the project or stop. Facebook announced only a few weeks ago that a digital currency will be launched, which will be the beginning of the year 2020 is ready for use. This time frame is for a development, the system is relevant and the world financial markets could change according to the view of some experts, much too short. It remains to be seen how Bitcoin and Libra are position.

Featured Image: phanurak rubpol | Shutterstock

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