President Trump spoke (yes, wrote) on Facebook Libra, Bitcoin and broad cryptocurrency. His Fed Chairman dropped his “serious concerns” comment to U.S. Congress hours ago. If you are Facebook, you can read the minds for the challenges ahead. Already, Congress had partly frozen the Libra project pending review. Can I ask you about your regulatory risk? Have you modelled it? Do not neglect that as you build.
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. Similarly, Facebook Libra’s “virtual currency” will have little standing or dependability. If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations, just like other Banks, both National and International. We have only one real currency in the USA, and it is stronger than ever, both dependable and reliable. It is by far the most dominant currency anywhere in the World, and it will always stay that way. It is called the United States Dollar!
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