Donald Trump: Bitcoin and cryptocurrencies are not money | United States news

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Donald Trump criticized Bitcoin, the Libra digital currency proposed by Facebook and other cryptocurrencies and asked companies to look for a bank card and to submit to US and global regulations if they wanted to "become a bank".

"I'm not a fan of Bitcoin and other Cryptocurrencies, which is not money, and whose value is highly volatile and based on nothing," wrote Trump on Twitter.

"If Facebook and other companies want to become a bank, they must look for a new bank card and become subject to all banking regulations, just like other banks, both domestic and international," he added.

Facebook, the White House, the Federal Reserve and the Treasury Department did not immediately respond to requests for comment.

Trump's comments come a day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook's plan to build a digital currency called Libra cannot go on unless it takes into account the privacy, recycling of money, consumer protection and financial stability.

Powell said the Fed has set up a working group to follow the project and is coordinating with other government central banks. The Financial Stability Supervision Council of the United States, a group of regulatory authorities that identifies risks to the financial system, should also make a review.

Facebook announced last month that it would launch its global cryptocurrency in 2020. Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc, would form the Libra Association to govern the new currency. No bank is currently part of the group.

JPMorgan Chase & Co, the largest US asset bank, plans to launch its digital currencies.

Bitcoin, the best-known digital currency, was created in 2008 as an alternative to currencies controlled by governments and banks, but encryption and digital currencies remain largely unsupervised. The market has also faced accusations of money laundering and terrorist financing.

. [tagToTranslate] Donald Trump

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