President Trump Voices Skepticism of Facebook’s Libra and Cryptocurrencies
President Trump is the latest in a line of regulators and politicians who have voiced concerned for Facebook’s Libra project and cryptocurrencies in general; according to the FT, the President said he was “not a fan” of cryptocurrencies including bitcoin, adding that they were “not money” and facilitated illegal activity; the President also went on to say that if big tech companies were interested in becoming a bank than they should apply for a banking charter and face the same regulations as banks; the French finance ministry also hit back at the Facebook project saying to the FT, We will not allow private enterprises to give themselves the attributes of state sovereignty . . . the means of monetary sovereignty.”; this only underscores the steep climb Facebook has ahead as the company attempts to build Libra over the next few years. Source.