Trump claims cryptocurrency 'not to be money'

Through a tweet Donald Trump has conveyed his distrust for cryptocurrency. He has tweeted that, "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.” Not only has he claimed cryptocurrency “not money" but he also has warned them, who are wishing to join the trade. They would have to abide by banking regulations. He has also added that cryptocurrency, whose electronic nature makes it nearly untraceable, could facilitate illegal activity.

Since Bitcoin was launched in 2009, cryptocurrency has flourished. But when Facebook unveiled plans last month for its own virtual currency, Libra, the announcement baffled financial regulators the world over.

Libra is announced for a launch in 2020 and already has multiple partners. It could completely disrupt the financial world. But Trump is against that and says that Libra has little standing or dependability. He has also warned Facebook and other companies that, if they launch their own cryptocurrency, they would have to abide by both American and international banking regulations. Some American politicians have asked for a total freeze on Facebook's Libra project.

Facebook has pledged to deliver a stable virtual currency that lives on smartphones and could bring over a billion "unbanked" people like adults without bank accounts or those who use services outside the banking system such as payday loans to make ends meet.