Only hours after a “social media summit,” the president’s Twitter profile posted a string aimed for, for goodness’ sake, cryptocurrency. Subsequent to beginning off by guaranteeing he’s “not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air” Trump targeted Facebook’s new effort Libra.
In the arrangement of tweets, he said “Facebook Libra’s “virtual currency” will have small standing or constancy. On the off chance that Facebook and different organizations need to turn into a bank, they should look for another Banking Charter and become subject to all Banking Regulations, much the same as different Banks, both National and International” What does this mean for possible regulation of cryptocurrency in general and Facebook’s digital currency specifically? Until there’s an actual policy in place, it’s difficult to know.
Trump added in his tweets, “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!”
A Libra hearing before the Senate’s Committee on Banking, Housing and Urban Affairs is planned to happen one week from now on July sixteenth. The Senate committee wrote in its explanation, “Because Facebook is already in the hands of over a quarter of the world’s population, it is imperative that Facebook and its partners immediately cease implementation plans until regulators and Congress have an opportunity to examine these issues and take action,”.