Trump’s batch of Bitcoin and Facebook Libra are required to comply with bank regulations

  • Reporter
  • July 12, 2019
  • Comments Off on Trump’s batch of Bitcoin and Facebook Libra are required to comply with bank regulations

US President Trump today criticized Bitcoin, Libra and other cryptocurrencies issued by Facebook, demanding that companies that intend to “become a bank” obtain a banking license first, and Comply with US and global regulations.

Reuters reported that Trump’s tweet pointed out: “I am not a fan of Bitcoin and other cryptocurrencies. They are not money at all, they are highly volatile, and they are born out of nothing.”

He also said: “If Facebook and other companies want to become a bank, they must obtain a new banking license and comply with all banking regulations, just like other banks, including domestic and international (regulations). “

US Federal Preparatory Council (Fed) Chairman Jerome Powell told lawmakers yesterday that Facebook plans to issue a digital currency called Libra, unless Facebook resolves concerns about privacy, money laundering, consumer protection and financial stability. This plan cannot be promoted.

Bauer said that the Fed has set up a working group to track the plan and coordinate with other countries’ central banks. The US Financial Stability Oversight Council, which is responsible for finding risk factors for the financial system, is also expected to review this.

Credit : https://www.cna.com.tw/news/aopl/201907120065.aspx