'I'm Not A Fan Of Bitcoin And Other Cryptocurrencies'

Libra Facebook Calibra Calibra

Trump is the latest-and most high-profile-public official to raise doubts Facebook's cryptocurrency plans.

"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", Donald Trump tweeted on Thursday night, before moving on to Libra in a subsequent tweet.

According to the POTUS, Facebook has to seek a new Banking Charter, becoming subject to all national and global banking regulations in order to provide financial services.

Facebook, under its arm of Calibra, announced last month that it would be entering the cryptocurrency world stage with its own coin - the Libra. Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc and Uber Technologies Inc, would form the Libra Association to govern the new coin.

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

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Furthermore, looking at Bitcoin's Google Trends chart, the searches for the phrase "bitcoin" have significantly increased - from 41 to 100 - after Trump's tweets in the United States.

Trumps comments come just a week after House Democrats in the US Congress called on Facebook to cease work on its proposed cryptocurrency, citing the social media giant's recent travails over privacy issues as a glaring threat to the functioning of the world economy.

The Facebook currency has already grabbed the attention of Fed Chairman Jerome Powell. (FB.O) over its plan to create a digital currency, the Libra.

The price of Bitcoin fell nearly 8% on Thursday after Powell's comments. The market has also faced allegations of money laundering and terrorist financing.

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