Trump blasts Facebooks Libra cryptocurrency says US has only one real currency

first_img Now playing: Watch this: …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!— Donald J. Trump (@realDonaldTrump) July 12, 2019 Facebook cryptocurrency revealed, Google puts $1B toward… Facebook Tech Industry Tags 1:21center_img Comments US President Donald Trump tweeted about Facebook’s Libra, as well as other cryptocurrencies, on Thursday night. Saul Loeb/AFP/Getty Images In June, Facebook announced its next attempt at expanding outside social media platforms: the Libra cryptocurrency. It’ll be like Bitcoin, except its value will be pegged to a basket of assets, like government securities, to make it more stable. The world is unsure of how successful or disruptive Libra will be, and on Thursday the cryptocurrency got perhaps its biggest detractor yet: the president of the United States.”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.”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].” 10 Trump ended the tweet thread by boasting of the US dollar’s dependability and reliability. The message from the president is clear: If you want to invest in a currency, ditch the crypto and look to the US dollar.Trump isn’t the only high-profile figure to question Libra this week. The head of the US Federal Reserve, Jerome Powell, reportedly told House lawmakers on Wednesday that the US’ central bank has “serious concerns” about Libra. Both the Federal Reserve System and a separate panel called the Financial Stability Oversight Council are meeting to discuss Libra alongside global policy makers, Powell also reportedly said.Libra won’t be run by just Facebook. Rather, Facebook and its partners have created an organization, the Libra Association, to manage the technical aspects of the project and work with regulators. David Marcus, who heads both Facebook’s Messenger department and the Libra project, says Facebook will be just one of many voices in the Libra Association, and won’t have special influence.”Facebook won’t have any special responsibility over the Libra Network,” he wrote in a FAQ page.Libra also has some built-in safeguards, which have been used in the real world, to make sure the value of the cryptocurrency stays stable. Facebook will build a wallet, called Calibra, though it will be a wholly owned subsidiary that Facebook says won’t share financial data with the social network.Libra is expected to launch in the first half of next year.Meanwhile, Trump’s news-making outburst over cryptocurrencies reinforces a federal court’s ruling this week that the leader of the US can’t block users on the social network, because it’s a public forum. The unanimous decision by the US Court of Appeals for the 2nd Circuit affirms the ruling made by the US District Court for the Southern District of New York in 2018 after Trump was sued for blocking users the previous year. Share your voicelast_img read more

Month of Language Movement begins

first_imgMonth of Language Movement begins. Photo:BSSAs the month of the Language Movement begins today (Friday), the country’s people will pay tributes to the valiant sons of the soil who were killed during the Language Movement in February 1952, reports BSS.The Bengali nation achieved the dignity of their mother language on 21 February 1952 through the supreme sacrifice made by Salam, Shafiq, Barkat, Rafique and others during a massive movement.February is the month of mourning. Yet, it is a matter of dignity for the nation as only the Bangladeshis have sacrificed lives for their mother language.The Language Day — 21 February — is also recognised as the International Mother Language Day.A month-long book fair will also begin today. Prime minister Sheikh Hasina is expected to inaugurate the fair as the chief guest at Bangla Academy in the capital city at 3:00pm today.A two-day poetry festival titled ‘Bangalir Joy Kabitar Joy’ will also begin in the city today. Noted poet Asad Chowdhury will inaugurate the festival at Dhaka University central library.A total of 14 guest poets from nine countries will take part in the festival.last_img read more