President Donald Trump railed in opposition to cryptocurrencies and specifically named out Bitcoin and Libra, Facebook’s new cryptocurrency that is backed by corporations which include Uber and Mastercard.

“I am not a fan of Bitcoin and other Cryptocurrencies, which are not dollars, and whose price is extremely unstable and dependent on skinny air,” Trump tweeted Thursday. “Unregulated Crypto Assets can aid illegal actions, including drug trade and other unlawful exercise.”

“Likewise, Facebook Libra’s ‘virtual currency’ will have very little standing or dependability,” Trump extra. “If Facebook and other companies want to grow to be a financial institution, they have to seek a new Banking Constitution and come to be issue to all Banking Rules, just like other Banking institutions, both of those National and Intercontinental.”

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