Trump lashes out at Libra

US president says Facebook’s system will need a banking licence if it wants to be a bank

Donald Trump
Donald Trump: “Unregulated crypto assets can facilitate unlawful behaviour, including drug trade and other illegal activity”

The US president has become the latest person to criticise Facebook’s proposed Libra system for its potential financial stability risks.

In a series of tweets, Trump said Libra would have to seek a banking charter if it wanted to operate like a bank.

“Facebook Libra’s ‘virtual currency’ will have little standing or dependability,” he said. Trump also criticised crypto assets more broadly, saying he was “not a fan” of bitcoin and similar assets, adding they are “not money”, are highly volatile

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