The US president said he’s not a fan of Facebook’s Libra, and demands digital coin companies seek a banking charter
Donald Trump condemned Facebook's proposed Libra digital coins and other cryptocurrencies, Bitcoin, and, if companies want to become banks, find a banking charter and apply US and global regulations .
If Facebook and other companies want to join the bank, they have to find a new banking charter and have to undergo all banking regulations like National and International banks. "
Trump's remarks are that unless the Federal Reserve Chairman Jerome Powell expresses concern about privacy, money laundering, consumer protection and financial stability, Facebook's plan to build a currency, I have raised in Congress that I can not move on.
Powell said the Fed has formed a working group to carry out the project and is working with other government central banks. The Financial Stability Oversight Council, a panel of regulators that identify risks to the financial system, is also expected to review.
Facebook announced last month that it will launch global cryptocurrency in 2020. Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc, form the Libra Association to manage new coins. There are currently no banks in the group.
JPMorgan Chase & Co., the largest US bank, plans to release its own digital coin.
Bitcoin, the most well-known digital coin, was created in 2008 as an alternative to government and bank-controlled currency, but most of the password transactions and digital currencies were not supervised. The market is also facing suspicions of money laundering and terrorist financing.
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