Friday 12 July 2019 10:06 am

Trump dismisses bitcoin, saying cryptocurrencies aren't money

The UK ambassador, the chair of the Federal Reserve and even the star player on the US women’s soccer team have all fallen victim to Donald Trump’s ire in recent weeks.

But last night the President used his Twitter account to aim his sights at a rather different target: bitcoin and Facebook’s new proposed currency, libra.

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In a typically bombastic tweet, the Republican leader hit out at both bitcoin and Facebook’s libra coin, warning the tech giant that it may face a swathe of banking regulations.

In a post on Twitter, Trump wrote: “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.

“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 added: “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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The comments follow on from Fed chair Powell’s warning yesterday that libra could not progress unless the social media group resolved “serious concerns” over “privacy, money laundering, consumer protection and financial stability”.

Libra, set to be launched in 2020, aims to let people make payments via Facebook’s apps and WhatsApp, but has met opposition from lawmakers in the US.

Maxine Waters, chairwoman of the House Financial Services Committee, has urged the project to be delayed until the US Congress examined it.