US Treasury Supports Trump’s anti-crypto Feelings

I am not fan of Bitcoin…

On Twitter, US President Donald Trump gave his opinion on cryptocurrencies like Bitcoin and said Facebook may need a banking license to carry out its Libra project.

As we know, United States President Donald Trump voiced his opposition to cryptocurrencies as a whole, citing Bitcoin and Libra specifically, in a series of tweets published around 8:15 p.m. EST on July 11. He wrote:

“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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity….”

“…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…”

“…and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!”

Supports from US Treasury

The statesman joins several leaders and central bankers such as Bruno Le Maire (France), Benoit Coeure (BCE) and Jerome Powell (EDF), who urged the social networking giant to address the concerns of regulators before moving forward on his cryptographic project.

Recently, in the United States, Treasury Secretary Steven Mnuchin told also through a press conference that Facebook “has a lot of work to do to convince [the US government] that it can create a payment system” correctly ” executed with real anti-money-laundering measures “.At the press conference, Mnuchin said he was “not comfortable” with the Libra project.He added, “Our primary goal is to maintain the integrity of financial system and protect it from abuse.”

Regarding cryptocurrencies, the Secretary General said: “We will not allow cryptocurrencies to work in the shadows”. He also recalled the remarks made by President Donald Trump on Twitter last week. The president said cryptocurrencies were “air-based”.

Check Also

Rwanda will Create its Own Digital Currency

The Rwandan central bank is looking into creating a digital currency to boost the country’s …