India Might Be Banning Cryptocurrencies According To Leaked Government Documents

3m
beincrypto

SeedCX Subsidiaries Secure New York BitLicense

5m
cryptonewmedia

BitMart Lists Revolutionary Wallet Based P2P Trading DEX Aphelion…

7m
cryptonewmedia

Bitcoin Could Rebound if Facebook’s Libra Hearing Goes Well

7m
cryptocurrencynews

Dash Bears Aim at $105 As CEO Criticize Bitcoin (BTC)

8m
cryptonewmedia

Starbucks, Walt Disney and Adobe Are Blasting to Fresh Highs

9m
cryptonewmedia

Checkmate: Libra Crumbles Against The Senate, Hearing Proceeds Tomorrow.

37m
coingape

Jerry Brito: The Case for Electronic Cash in an Open and Free Society

39m
letstalkbitcoin

IMF: Crypto Assets May Surpass Traditional Forms of Money

39m
dailyhodl

Market Update: Bulls struggle to push Bitcoin towards $11k. Here’s What...

41m
zycrypto

House GOP Leader McCarthy Likes Bitcoin But Criticises Facebook’s Libra

44m
zycrypto

Cannabis Stocks Blaze as FDA Expedites Landmark CBD Rules

44m
cryptonewmedia

Bitcoin Security and Ethics with Neha Narula - WBD125

1h
letstalkbitcoin

German Finance Minister: Facebook Shouldn’t Be Allowed to Compete with the Euro

1h
coindesk

Are Cardano, Chainlink and Ravencoin doomed to continue falling?

1h
cryptoslate

“Keep Big Tech Out of Finance Act” proposes $1 million per day fine on large tech companies acting as financial institutions

1h
cryptoslate

Chainlink Price Analysis: LINK/BTC Breaks out From a Descending Wedge

1h
beincrypto

Facebook Stresses Libra’s Compliance With FinCEN at Senate Hearing

1h
cointelegraph

Newsflash: Bitcoin Crashes Below $10,000

1h
cryptonewmedia

Bitcoin Dips Below $10,000 for the Second Time in July

1h
cointelegraph

Pound Dives on Boris Plans to Suspend Parliament

1h
cryptonewmedia

WATCH: Breaking Down the Libra Hearings

1h
coindesk

Komodo Antara framework for business-ready “Smart Chains” now live

1h
cryptonewmedia

Binance Plans Launch of Fiat-to-Cryptocurrency Exchange in South Korea

2h
cryptoglobe

Former U.S. Presidential Candidate Says He's 'All for Cryptocurrencies'

2h
cryptoglobe


Donald Trump Criticizes Cryptocurrencies and Targets Facebook’s Libra

beincrypto

4d ago

The cryptocurrency wave has finally reached the President of the United States, Donald Trump, but not in a positive light.

In a series of tweets Donald Trump has dismissed Bitcoin and other cryptocurrencies as money, sharing that he personally isn’t fond of them. After stating that cryptocurrencies are ‘based on thin air’ and used for illicit activities, Trump took specific aim at Facebook’s new Libra project.

….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…

— Donald J. Trump (@realDonaldTrump) July 12, 2019

Donald Trump continues the scrutiny towards Facebook’s attempt at introducing a digital currency, after regulators and lawmakers across the globe have questioned the social platform’s approach. According to Trump, if Facebook and other companies want to become a bank, they must seek a banking charter and become subject to all regulations, just like other banks.

Of additional note is that Trump’s comments came on the same day as a social-media summit at the White House, in which he accused Facebook and Twitter of censoring him and conservative commentators.

Following the announcement of Libra, the Senate’s Committee on Banking, Housing, and Urban Affairs has immediately scheduled a hearing for Facebook’s blockchain team lead David Marcus. While the hearing is set to take place on July 16th, some officials have already called for halting any further development on the currency until then.

Considering Trump’s comments on getting a banking license in order to issue a currency, it’s also worth noting that Libra has no bank or financial institution in their list of investors or node operators. On the other side of the spectrum, there is JP Morgan that is also working on their own JPM Coin, which hasn’t received any scrutiny from officials until now.

The President’s remarks are aimed towards throttling Facebook’s development, but this has also sparked a flurry of replies from cryptocurrency advocates. Between all the high profile respondents, most of them accentuated that cryptocurrencies are not any less ‘money’ than the USD and advised him to consider Bitcoin as a better currency.

Facebook’s Libra has brought more publicity to the industry as a whole but has also dragged cryptocurrencies like Bitcoin into the same category. Libra and Bitcoin have fundamentally different modus operandi and should be treated as such. In the meantime, digital currencies launched by corporations might face an uphill battle against regulators all around the world.

How do you view Trump’s comments? Have governments turned up their adversity towards cryptocurrencies? Share your opinion with us in the comments below!

Images courtesy of Twitter, Shutterstock.

You buy :

In dollars :

To email :

As a trusted news outlet in the blockchain and cryptocurrency industry, BeInCrypto always strives for the highest journalistic standards and adheres to a strict set of editorial policies. BeInCrypto is an independent website with authors and management that may personally invest in cryptocurrencies or blockchain startups.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments