Thursday , May 6 2021

The Trump Bitcoin bombs, Facebook scales, require them to comply with banking standards

WASHINGTON: US President Donald Trump on Thursday (July 11th) criticized Bitcoin, Facebook, offering digital scales and other cybercriminals, and demanded that companies search for a banking charter and obey US and international rules if they want to "become a bank".

"I'm not a fan of Bitcoin and other Cryptocurrencies that are not money, and the cost is very variable and based on thin air," wrote Trump on Twitter.

"If Facebook and other companies want to become a bank, they should look for a new banking charter and become the subject of all banking rules, like other banks, both national and international," he added.

Trump's remarks came a day after George W. Powell, head of the Federal Reserve, told lawmakers that the Facebook plan on the construction of a digital currency called "Scales" could not move forward if it did not solve the problem of confidentiality, money laundering, consumer protection and financial stability.

Powell said that the Fed created a working group for further project implementation and coordinated work with central banks of other governments. It is also expected that the US Financial Supervision Council will review the group of regulators that determine the risks for the financial system.

Clocks earlier Thursday, Tramp criticized the big technology companies for events at the White House, which he said, considering conservative voices unfair.

The Internet Association, a trading group representing major technology firms such as Facebook, Twitter and Google, said: "Internet companies are not biased against any political ideology, and conservative voices, in particular, used social media."

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