Trump lashes out at Libra
US president says Facebook’s system will need a banking licence if it wants to be a bank
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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