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Trump Warns Facebook Over Its Plan to Create a Digital Currency

  • President’s entrance into crypto debate could affect market
  • Scrutiny of Facebook’s Libra coin has come from both parties
Bloomberg business news
Bloomberg’s Eric Lam reports on President Trump’s warning to Facebook over its planned digital currency. (Source: Bloomberg)
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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.