Trump says Facebook should follow banking rules if becoming a bank

According to his Twitter feed, Donald Trump expressed disdain for cryptocurrencies, which is not money and is created out of thin air. He also separately commented on Libra saying, ''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 says Facebook should follow banking rules if becoming a bank
After the pandemonium of Donald Trump's twitter comments on cryptocurrencies, it seems that Facebook will likely have a tough time going ahead with Libra. 
The agonistic comments on Bitcoin, Libra, and overall cryptocurrency market came right after the social media summit held at the White House, where Trump criticized tech giants such as Facebook, Twitter, and Google for their bias against political conservatism.
Just came from the White House Social Media Summit where I had chance to stand alongside @realDonaldTrump and talk about why we need to stop Big Tech from discriminating against conservatives
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Trump emphasized that if Facebook or for that matter, any other company wants to become a bank, they would have to be subjected to banking regulations both in the US and globally. He believes the virtual currencies to have very little standing and dependability, though this could be interpreted as his limited knowledge on the subject matter. He implied that the only way Facebook could issue Libra is to become a bank. 
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....
....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...
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...and International. 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!
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Facebook is now preparing for two separate hearings at the US House Financial Services Committee and the Senate Banking Committee next week. Trump’s comments along with Powell's concerns over privacy, consumer protection, financial stability, and money laundering might push the committees’ sentiment further against Libra. 
Trump says Facebook should follow banking rules if becoming a bank Trump says Facebook should follow banking rules if becoming a bank Reviewed by Chaudhry on July 13, 2019 Rating: 5

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