Trump warns Facebook over its plan to create a digital currency

Trump warns Facebook over its plan to create a digital currency

Trump warns Facebook over its plan to create a digital currency

Despite Trump's crypto bash, the predominant sentiment within the cryptocurrency community is that his words were actually good news.

He also warned Facebook and other companies that, should they launch their own cryptocurrency, they would have to abide by both American and worldwide banking regulations.

There are major concerns by House Democrats, and now President Trump, that officially asked Facebook to hold its Libra layout plans as it should be investigated for its possible risks to the entire global financial system. According to him, crypto is not money, it's based on thin air, and is highly volatile with unregulated coins facilitating illegal activities, such as drug trade.

Trump ended his remarks by promoting the U.S. dollar.

Other traders said the moves fitted within the pattern of bitcoin's recent volatility, where double-digit intra-day price moves have been common.

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Powell further added that the Federal Reserve established a working group to follow the project, and that it is coordinating with the central banks of other governments.

Trump's comments come a day after Federal Reserve Chairman Jerome Powell told USA lawmakers that Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability. Similarly Bank of England governor Mark Carney recently weighed in on Facebook's Libra, claiming it must be meticulous from the very start.

The president posted a series of tweets yesterday criticizing Bitcoin and other cryptocurrencies.

The Winklevoss twins' cryptocurrency exchange Geminin tweeted a quote from Tyler Winklevoss.

Bitcoin did not react to Trump's anti-crypto comments, last trading almost up 1% on the day at $11,447, according to Kitco's aggregated charts.

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