(Kitco News) - U.S. President Donald Trumpsaid on Thursday that he is not "a fan of bitcoin and other cryptocurrencies", referring to the digital coins as "not money". He singled out Facebook's upcoming Libra virtual currency, which he says, "will have little standing or dependability". He added that if Facebook or other companies are looking to "become a bank", they'll have to get a Banking Charter and "become subject to all Banking Regulations, just like other Banks".
Late Thursday evening the president took to Twitter to offer his sentiment on digital assets, highlighting his administration's stance on crypto. The President argued the unregulated nature of the cryptocurrency market could enable illegal activities such as drug trade.
For his part, Trump isn't just hostile toward Libra.
In early July five Democrat lawmakers sent a letter to Facebook executives including Chief Executive Mark Zuckerberg, calling on the social media giant to halt production of Libra, which is slated to roll out in the first half of next year.
The news came as the US Federal Reserve issued an unexpected change in tone regarding Facebook Libra.
Trump's comments come a day after Federal Reserve Chairman Jerome Powell told United States lawmakers that Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability. It is by far the most dominant currency anywhere in the World, and it will always stay that way.
At the Senate Testimony earlier this week, Federal Reserve Chairman Jerome Powell said that given the current level of adoption of crypto assets like bitcoin, the asset class does not pose a serious existential threat towards reserve currencies such as the USA dollar.
Crypto markets will most likely face more regulation and increased attention from policy makers by reflecting that in bitcoin's value.
Bitcoin, the best-known digital coin, was created in 2008 as an alternative to currencies controlled by governments and banks, but crypto trading and digital currencies remain largely unsupervised.
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