President Donald Trump tweeted late Thursday that Facebook's (FB - Get Report) Libra virtual currency will have "little standing or dependability," and suggested that the social media giant would have to seek a banking charter to proceed with the project.
"If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations," Trump tweeted.
Trump also said Bitcoin and other cryptocurrences "can facilitate unlawful behavior, including drug trade and other illegal activity."
He ended his three-tweet discourse saying the U.S. dollar "is by far the most dominant currency anywhere in the World, and it will always stay that way."
I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity....— Donald J. Trump (@realDonaldTrump) July 12, 2019