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He blasts Bitcoin, Facebook’s Scale, the demands they face from in the banking regulatory environment

FILE IMAGE: Representations of virtual currency are to be displayed on the front of the monitor the logo in this illustration picture the 21 of June, 2019 at the latest. REUTERS/dado Ruvic/Image/File Photo

WASHINGTON (Reuters) – U.S. President Donald Trump, on Thursday, criticism of Bitcoin, Facebook’s proposed Scale is a digital currency and other cryptocurrencies, and called for companies to seek a bank charter and are subject to U.S. and international law, and if they want to be “a bank”.

“I’m not a big fan of Bitcoin and other Cryptocurrencies, which has no value, and that value has been extremely volatile and it is based on thin air,” Trump wrote on Twitter.

“If Facebook and other companies need to be from a bank, they need to try to have a new Bank Charter and Banking Regulations, as well as other Banks, both Nationally and Internationally,” he added.

Trump’s comments come a day after the Federal Reserve Chairman, and Jerome Powell have said it is the lawmakers that Facebook is planning to build a digital coin, called the Libra, cannot move forward unless it addresses concerns about privacy, money-laundering, consumer protection, and financial stability.

Powell said that the Fed has set up a working group to follow the project, and is co-ordinated with the other public authorities of the european union. The U.S. Financial Stability, the Board of trustees, a board of supervisors, that risks to the financial system, and also you will be required to make a review.

Hours earlier, on Thursday, He criticized large technology companies, at an event at the White House, one of whom said he dealt with the conservative vote was unfair.

The Internet Association, a trade group representing large tech companies such as Facebook, Twitter, Google, said: “Internet companies are not biased against any political ideology, and the conservative vote in a particular way, using social media to make a big impact.”

Reporting Makini Brice, and Eric Beech; Editing by Lisa Shumaker

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