Home Business Bitcoin, Libra ... Donald Trump "not a fan" of cryptocurrency "that is...

Bitcoin, Libra … Donald Trump "not a fan" of cryptocurrency "that is not money"

Ten years after the arrival of Bitcoin, Facebook hopes to launch the cryptocurrency Libra in 2020. – Christian Ohde / SIPA

The message is clear. While Facebook has to explain to Congress about its intentions with Libra next week, Donald Trump gave the substance of his thoughts on Twitter on Thursday. "I am not a fan of cryptocurrency, which is not money and whose value is very volatile and based on nothing," writes the US president.

Cryptocurrencies have flourished since the sensation created by bitcoin and there are now many; but it is the announcement on June 18 by Facebook that it would embark on the adventure with the Libra which caused a shock wave among financial regulators around the world.

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

"We only have one currency, it's the US dollar"

Donald Trump does not believe it. For the American president, the Libra will have "little standing and reliability". But he warned Facebook and other companies that if they wanted to become banks, they should respect 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.

Sign of questions and even concerns, the announced arrival of Libra and the rise of cryptocurrencies more generally will be the subject of a report presented to the G7 countries at a meeting next week.

Central banks very cautious

"The more we investigate this project, we, the community of regulators, the more we have serious questions and potentially reservations," warned Thursday the governor of the Bank of France Francois Villeroy de Galhaut. His Fed counterpart is also back on the subject Wednesday and Thursday before the Congress.

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

Some elected American have already asked for a pure freeze of the Facebook project. According to Facebook, in 2020, Libra will have to offer a new payment method outside the traditional banking circuits: it is the cornerstone of a new ecosystem, free from the barrier of different currencies, a tool likely to interest particularly the excluded from the banking system, in emerging countries for example.


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