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Donald Trump warns: "We only have one currency, and it's called the US dollar"



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America

Donald Trump said on Thursday that his distrust of crying out – which is not really money in his eyes – warned that those who love Facebook wanted to start there, should comply with the rules governing banks.

"I am not a fan of cybercurrency, which is not money and whose cost is very variable and based on nothing," the president said in the middle of the evening, insisting that these virtual currencies are generated electronically, which guarantees more freedom of action and almost impossible to track, contributed to illegal activities.

Cryptic flourishes flourished after a lot of the feelings created by Bitcoin; but this announcement on June 18th Facebook that he is about to launch an adventure with Teresa, which caused a wave of shock among financial regulators around the world.

With more than 2 billion users, the electronic money that the world's first social network wants to launch in 2020 with many partners may well violate the entire monetary ecosystem.

Mr. Trump does not believe him. For the American president, Teresa will have "little worth and reliability."

But he warned Facebook and other companies that if they want to become banks they will have to comply with the rules, both in the United States and elsewhere in the world.

"We only have one currency in the United States (…), and it's called the US dollar," said the White House tenant.

The sign of issues and even concern, the announcement of the arrival of Libra and the rise of cryptovagnets in general will be the subject of a report presented to the G7 countries at a meeting next week.

"The more we explore this project, we, the community of regulators, the more we have serious questions and potential reservations," Francois Villero de Galhaut, Governor of the French Bank, warned. His FRI colleague also returned to this topic on Wednesday and Thursday before Congress.

"I think it is necessary to make a thorough and careful risk assessment," that the Score money project, which, given the size of the Facebook network, has the potential "is very likely to become a systemically important currency," warned Jerome Powell on Thursday.

Some selected Americans have already asked for a freeze of the Facebook project.

According to Facebook, in 2020, Teresam will have to offer a new form of payment outside of traditional banking schemes: it is the cornerstone of a new ecosystem free of a bar of various currencies, a tool that might be of particular interest to the banking system in countries, for example, developing countries.

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