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Tag: Bitcoin

Trump Distances Himself From Cryptocurrency

[Washington]Trump Distances Himself From Cryptocurrency Saying Cryptocurrency is ‘Not Money’
Donald J Trump expressed his mistrust of cryptocurrency Thursday, Tweeting
“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,”
He added that cryptocurrency, whose electronic nature makes it nearly untraceable, could facilitate illegal activity.
Cryptocurrency has flourished since Bitcoin launched in 2009. But when Facebook unveiled plans last month for its own virtual currency, Libra, the announcement rattled financial regulators the world over.
With more than two billion Facebook users, the social media giant’s cryptocurrency — which is slated for a 2020 launch and already has multiple partners — could completely disrupt the financial world.
But Trump said that Libra has “little standing or dependability.” He also warned Facebook and other companies that, should they launch their own cryptocurrency, they would have to abide by both American and international banking regulations.
“We only have one real currency in the USA, and it is stronger than ever,” he tweeted.
“It is called the United States Dollar!”

Bitcoin Has No Govt Protection:Finance Ministry

[New Delhi]Bitcoin Has No Govt Protection:Finance Ministry
The Finance Ministry today cautioned that virtual currencies are not legal tender and such currencies have no protection.
Noting that there has been a phenomenal increase in recent times in the price of virtual currencies (VCs) including Bitcoin, in India and globally, it said the VCs don’t have any intrinsic value and are not backed by any kind of assets.
There is a real and heightened risk of investment bubble of the type seen in Ponzi schemes which can result in sudden and prolonged crash exposing investors, especially retail consumers losing their hard-earned money,
The statement further said that users, holders and traders of VCs have already been cautioned three times, by the Reserve Bank of India about the potential financial, operational, legal, customer protection and security related risks that they are exposing themselves to by investing in Bitcoin and/ or other VCs.