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Trump: ‘Not a fan’ of cryptocurrencies, and Facebook may need a banking charter for Libra
CNBC ^ | 07-11-2019 | Yen Nee Lee

Posted on 07/11/2019 7:35:01 PM PDT by NRx

U.S. President Donald Trump on Thursday said he’s “not a fan” of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch the digital token Libra.

In a series of Twitter posts, Trump said cryptocurrencies are not money and “Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.”

“If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations,” said the president.

Trump is not the only one who has criticized Facebook’s plan to introduce Libra. Federal Reserve Chair Jerome Powell, French Finance Minister Bruno Le Maire and Bank of England Governor Mark Carney are among government leaders and central bank chiefs who have spoken up against Libra.

Facebook declined to comment on Trump’s twitter posts.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Front Page News; Government
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1 posted on 07/11/2019 7:35:01 PM PDT by NRx
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To: NRx

I may have to start using that intro: “I’m not a fan...”


2 posted on 07/11/2019 7:36:10 PM PDT by lee martell
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To: lee martell

In Africa people are using smart phone minutes and gigabytes as currency since they can be traded.


3 posted on 07/11/2019 7:39:49 PM PDT by Oldexpat (Jobs Not Mobs)
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To: NRx

More crime was facilitated with $100 bills last week than with Bitcoin. Bitcoin is hardly the tool of criminals.


4 posted on 07/11/2019 7:49:39 PM PDT by Vermont Lt (If we get Medicare for all, will we have to show IDs for service?)
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To: NRx
So says the king of debt.

~ ~ ~

U.S. Budget Gap Widened 23% in First Nine Months of Fiscal Year https://www.wsj.com/articles/u-s-budget-gap-widened-23-in-first-nine-months-of-fiscal-year-11562868054

Trump seems determined to punish the U.S. dollar https://www.marketwatch.com/story/donald-trump-seems-fixated-on-punishing-the-us-dollar-2017-02-01

Trump Wants Fed Rate Cuts, More QE https://www.bloomberg.com/news/videos/2019-04-08/trump-wants-fed-rate-cuts-more-qe-video

~ ~ ~

I want LESS government. What government we have to endure I want it to be more responsible and leave what I've traded years of my life for, ALONE!

5 posted on 07/11/2019 7:51:01 PM PDT by amorphous
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To: Oldexpat
In Africa people are using smart phone minutes and gigabytes as currency since they can be traded.

There's something weirdly funny about that.

I sure miss The Far Side.

6 posted on 07/11/2019 7:51:41 PM PDT by Ezekiel (The pun is mightier than the s-word.)
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To: Oldexpat

Intrinsic value.


7 posted on 07/11/2019 8:00:59 PM PDT by lee martell
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To: lee martell

“Intrinsic value.”

There is no such thing as ‘intrinsic value’.
The word value presupposes a Valuer. The value of any good or service is subjective.
Cryptocurrency has value as a medium of exchange that cannot be counterfeited by governments.


8 posted on 07/11/2019 8:04:24 PM PDT by Gunslingr3
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To: Ezekiel

OMG, we have three of Larsosn’s books which contain all of his work.

We laugh ourselves silly every night.


9 posted on 07/11/2019 8:10:09 PM PDT by Maris Crane
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To: NRx
What a way for Chinese citizens to port cryptocurrency overseas ... no way that Beijing allows Libra to work in China without FB compromises.

Will also hurt NK and Russia.

10 posted on 07/11/2019 8:10:31 PM PDT by texas booster (Join FreeRepublic's Folding@Home team (Team # 36120) Cure Alzheimer's!)
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To: Maris Crane

I don’t know if I have a Far Side book - had the desk calendars, of course.

I have a Calvin and Hobbes book or two. Gave them to my Dad (RIP). He gave them back after finishing them. So they have a double-meaning for me.


11 posted on 07/11/2019 8:12:33 PM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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To: Vermont Lt
Bitcoin is hardly the tool of criminals.

Depends on the crime. It (and other cryptocurrencies) is preferred for ransom malware.
12 posted on 07/11/2019 8:18:33 PM PDT by Dr. Sivana ("...a choice between Woke-fevered Democrats and Koch-funded Republicans is insufficient."-Mark Steyn)
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To: Gunslingr3

Let’s see that Facebook army try and stop from feds from taking down their HQ and crushing their business. We have aircraft carriers.


13 posted on 07/11/2019 8:22:01 PM PDT by databoss
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Comment #14 Removed by Moderator

To: Ezekiel

I can’t tell you how many LOLs this man has inspired.

Me miss him, but we do have his work

Oh, by the way....LOL!!!!!


15 posted on 07/11/2019 8:36:19 PM PDT by Maris Crane
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To: databoss

“Let’s see that Facebook army try and stop from feds from taking down their HQ and crushing their business. We have aircraft carriers.”

Do you think the people scared about what actual cryptocurrency represents have your interests at heart?
That’s cute.

Facebook isn’t trying to create a cryptocurrency akin to Bitcoin (decentralized, hard money), they’re trying to create an intermediary medium of exchange so they can shave a percentage on global transactions like Visa, etc.


16 posted on 07/11/2019 9:11:40 PM PDT by Gunslingr3
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To: Ezekiel

17 posted on 07/11/2019 10:05:33 PM PDT by BigEdLB (BigEdLB, Russian BOT, At your service)
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To: SaveFerris

We always bought the calendars when they were available, but it’s nice to have ALL of them in three books. And they are giant books. He was prolific.

It is great to share good memories with loved ones.

Always remember the good memories because they mean so much.


18 posted on 07/11/2019 10:20:30 PM PDT by Maris Crane
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To: Gunslingr3
...Visa, etc.
Which owned and administered by BANKS.
19 posted on 07/11/2019 10:28:09 PM PDT by citizen (Women are from Venus and Men are from Mars. All the other genders you make up are from Uranus.)
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To: Maris Crane

[Always remember the good memories because they mean so much.]

I miss my parents a LOT; truth be told.


20 posted on 07/11/2019 10:47:43 PM PDT by SaveFerris (Luke 17:28 ... as it was in the days of Lot; they did eat, they drank, they bought, they sold ......)
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