What does Trump think of crypto currency

Trump and Fed want to put cryptocurrencies on a leash

With Libra, Facebook has announced a cryptocurrency that is supposed to stir up global payments. Politicians in the USA have already voiced criticism of the plan. Now President Donald Trump also gave his vote, as reported by the "Frankfurter Allgemeine Zeitung" (FAZ). Facebook and other cryptocurrency providers need to be regulated like banks, he tweeted.

According to the US President, he is not a fan of Bitcoin & Co. The digital currencies would have no real value and would open the door to criminal abuse if they were not regulated. The only reliable currency - in the United States and around the world - is the US dollar.

According to the FAZ, the guardians of the dollar from the US Federal Reserve were also critical of Libra. Fed President Jerome Powell on Wednesday raised concerns about privacy, money laundering, consumer protection and financial stability to a House Committee. However, Powell admitted that Bitcoin had established itself as an investment like gold.

Highlight: "We haven't seen widespread adoption [of cryptocurrencies] ... really almost no one uses bitcoin for payments ... it's a store of value ... like gold," says Fed Chair Jerome Powell. "That’s not to say we won’t see it." https://t.co/xpAujlCWBdpic.twitter.com/zhZd6IkuI7

- Yahoo Finance (@YahooFinance) July 11, 2019

Libra was the big topic at the Crypto Valley Conference at the end of June. You can find out what was on the program here.