WASHINGTON–President Trump said he is no fan of cryptocurrenices, including Facebook’s newly announced Libra. The president made the statements as Congress was holding hearings around cryptocurrencies, while the White House also hosted a “social media summit” made up primarily of conservative voices. During the summit, Trump said, “We have terrible bias, we have censorship like nobody has any understanding or nobody can believe.”
"I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity," Trump tweeted.
In a separate tweet, Trump was critical of Facebook for its plans, which include setting up a nonprofit in Switzerland to control Libra, rather than a chartered bank.
"Similarly, Facebook Libra’s 'virtual currency' will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International," Trump tweeted.
The president continued, "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!"