Bloomberg Law
Free Newsletter Sign Up
Bloomberg Law
Free Newsletter Sign Up

Trump Warns Facebook Over Its Plan to Create a Digital Currency

July 12, 2019, 9:22 AM

President Donald Trump on Thursday night warned Facebook Inc. over its plan to create a digital currency, the Libra, a move that poses a new obstacle to the company’s cryptocurrency ambitions.

“Facebook Libra’s ‘virtual currency’ will have little standing or dependability. 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,” Trump said in a series of posts on Twitter July 11.

In the tweets, the president also expressed skepticism of digital currencies in general.

“I am not a fan of Bitcoin ...

To read the full article log in.

Learn more about a Bloomberg Law subscription.