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‘US$ is the only real currency!’ Trump demands banking regulation of bitcoin, Facebook’s Libra

Via RT…


The American billionaire leader has slammed the growing popularity of cryptocurrencies, stressing that digital assets only facilitate illegal activity and are made out of ‘thin air’ – unlike, of course, the ‘reliable’ US dollar.

Turning to Twitter after hosting a social media summit at the White House, Donald Trump slammed the use of alternative payment systems, including the popular Bitcoin and Facebook’s newly announced Libra, which the president believes has “little standing or dependability.”

“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,” he said.

Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.

The American public and global community, the president argued, should use the “reliable” US dollar instead, as he called for more federal regulations of peer-to-peer financial transactions.

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’s passionate attempt to reinforce the image of the US dollar as the only worthwhile reserve currency is understandable amid the global drive for alternatives, independent of Washington’s mood. The release of Bitcoin a decade ago has also changed the global landscape, unleashing a boom in peer-to-peer financial exchanges, with numerous cash tokens springing up and promising freedom with no central authority and little to no government regulation.

Considering the appeal of such transactions, most governments seek to regulate cryptocurrencies to avoid uncontrolled capital flow, but Washington has become especially wary of Facebook’s intentions to launch its own currency – the Libra – sometime next year to facilitate financial payments across its multi-billion user platform.

Taking into account Facebook’s history of shady privacy policies, Federal Reserve Chairman Jerome Powell has warned US lawmakers this week about the potential damage Libra could cause.

“Libra raises many serious concerns regarding privacy, money laundering, consumer protection, and financial stability,” Powell warned in congressional testimony, stressing that Libra must not be released until these grievances are addressed.

However, other countries, in particular China, are more concerned that Washington would have too much control of the cryptocurrency peddled by US-based tech giants which would further undermine cross-border payments, monetary policies and the financial sovereignty of foreign states.

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M4A MMT
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M4A MMT

“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,” Trump said. He is right. Cryptos are digital commodities, and they consume a s*it ton of energy to “mine.” https://powercompare.co.uk/bitcoin-mining-electricity-map/ And he’s right about the value of these digital commodities too. At least fiat money is based on internal and internationally-recognized laws. And digital commodities will never replace fiat currencies. If you do believe the opposite, then you also believe in the end of sovereign nation states. That being said, Trump pushing USD hegemony is… Read more »

cudwieser
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cudwieser

Crypo currencies are fiat currecies by their nature, just a purer form of fiat. That aside I agree they need squashed in the long term. Wouldn’t have picked the dollar but if this move puts facebook in it’s place and distracts the dollar for a while it would be a good time for others to set up a backed currency.

Magic Man In the Sky
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Magic Man In the Sky

Backed currency? What, you mean like the US Greenback, The German Reichsmark and the African Gold Dinar? Who on Earth would be brave and suicidal enough to even consider such a thing? Such a move spells certain death.

cudwieser
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cudwieser

Gotta go some time. Besides what worth is a userary note with nothing to claim.

BobValdez
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BobValdez

“The American billionaire leader has slammed the growing popularity of cryptocurrencies, stressing that digital assets only facilitate illegal activity and are made out of ‘thin air’ – unlike, of course, the ‘reliable’ US dollar.”

The “reliable” us dollar, huh? Is that the one whose value is based on NOTHING? Backed only by the murderous us military? The fiat bullshit “currency” that will lay waste to your country and economy if you dare not use it for trade? THAT $us dollar?

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