President Trump bashed Facebook’s plan to launch cryptocurrency as he believes that it would be “little standing or dependable.” Trump took to Twitter to remark on Bitcoin and cryptocurrency after attacking tech giants at a social media summit.
Trump remarked Bitcoin and cryptocurrency as “highly volatile and based on thin air” and that he was not a big fan of any digital currency.
Trump believes that Facebook can become a bank only if it adheres to all necessary regulations. He continues, for Facebook to become a bank, “they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International.”
Facebook, for a long time, has been planning to launch its digital currency called; Libra within the next few months. But at the same time, critics have branded this move by Facebook extremely dangerous that marks Facebook’s “most invasive” form of surveillance yet. The cryptocurrency also has significant backers such as Mastercard, Visa, and PayPal, as it is meant as a way for money that can be quickly and easily moved around the world.
Earlier on Thursday Trump tweeted lashing out on social media companies and the press announcing that he will be administering to explore “all regulatory and legislative solutions to protect free speech and the free-speech rights of all Americans.”
However, India is also planning a ban on Libra, which means even after its launch, it will be considered dead for the Indian users.