The American billionaire leader has tasted the growing popularity of the encrypted currency and emphasizes that digital assets only facilitate illegal activity and are made of "thin air" – unlike of course the "trusted" US dollar.
Turn on Twitter after joining a social media summit in the White House, beat Donald Trump in using alternative payment systems, including the popular Bitcoin and Facebook's recently announced Libra, which the president believes has "little Standing or Reliability. "
I am not a fan of Bitcoin and other Cryptocurrencies, which is not money and whose value is very volatile and based on thin air. Unregulated Crypto Assets can ease illegal behavior, including drug trafficking and other illegal activity ….
̵[ads1]1; Donald J. Trump (@realDonaldTrump) July 12, 2019
… and International. We only have a real currency in the United States, and it's stronger than ever, both reliable and reliable. It is the clearly dominant currency anywhere in the world, and it will always be so. It's called United States Dollar!
– Donald J. Trump (@realDonaldTrump) July 12, 2019
"I am not a fan of Bitcoin and other Cryptocurrencies, which is not money and whose value
Unregulated crypto certificates can facilitate illegality behavior, including drug trafficking and other illegal activity.
The US public and global community, as the president claimed, should use "trustworthy" US dollars instead, calling for several federal financial transaction regulations between peer-to-peer
If Facebook and other companies want to become a bank, they must seek a new Bank Charter and be subject to all bank settlements, just like other banks, both national and international.
Trump's passionate efforts Strengthening the image of the US dollar as the only worthy reservation mass, is understandable among the global driving force for alternatives, regardless of Washington's ambience. The idea has also changed the global landscape, freed a boom in peer-to-peer financial exchanges, with many cash tokens running up and promising freedom without central authority and little or no government.
Given the appeal of such transactions, most governments are trying to regulate cryptographic curves to avoid uncontrolled capital flows, but Washington has become particularly cautious with Facebook's intentions to launch their own currency – Libra – once again next year to facilitate financial payments across the multi-billion user platform.
Considering Facebook's history of shady privacy policies, the Federal Reserve Mayor Jerome Powell has warned US lawmakers this week about the potential damage Libra could cause.
"Libra raises many serious concerns about privacy, money laundering, consumer protection and financial stability". Powell warned in Congress's testimony and emphasized that Libra must not be resolved until these complaints are addressed.
But other countries, especially China, are more concerned that Washington would have too much control over the cryptic course played by US technology giants who would further undermine cross-border payments, monetary policy, and the economic sovereignty of foreign states.
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