Trump blasts Facebook's Libra cryptocurrency, says US only has 'one real currency'

Libra and others like it will establish exchange relations with major currencies says PBoC's former governor

President Trump slammed the cryptocurrency market on Thursday, claiming that the digital assets are "not money" and their value is "based on thin air". "Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity", he first tweeted, before turning his ire on Facebook.

According to the POTUS, Facebook has to seek a new Banking Charter, becoming subject to all national and global banking regulations in order to provide financial services.

Brian Armstrong, the CEO of Coinbase, suggested that the U.S. President needing to respond to the growth of crypto assets can be considered as an optimistic indicator for the long term survivability of the market.

Trump's series of tweets on cryptocurrency also come on the heels of an event at the White House where the president criticized large technology companies that he said treated conservative voices unfairly.

The cryptocurrency is to be backed by reserves of real-world money such as dollars, making it more stable than the likes of bitcoin which is prone to huge swings.

Having rose from a local low of $11,187 to $11,532 late evening on July 11, BTC was on the up moments before Trump's tweets began. "Its by far the most dominant currency anywhere in the World, and it will always stay that way".

The American public and global community, the president argued, should use the "reliable" USA dollar instead, as he called for more federal regulations of peer-to-peer financial transactions.

Bitcoin did not react to Trump's anti-crypto comments, last trading almost up 1% on the day at $11,447, according to Kitco's aggregated charts.

The phenomenon underscores bitcoin's newfound resilience to external criticism. The cryptocurrency community thanked him for the free publicity.

One popular response read, sharing data from Google Trends: "Well done Donald Trump for bringing more awareness to bitcoin".

His American counterpart at the Federal Reserve also broached the topic Wednesday and Thursday when testifying before Congress.

The ubiquity of smartphones means digital wallets for Libra could expand the use of banking, credit card services and e-commerce in developing nations.

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