Trump lashes out at Libra

The US president has become the latest person to criticise Facebook’s proposed Libra system for its potential financial stability risks.

In a series of tweets, Trump said Libra would have to seek a banking charter if it wanted to operate like a bank. “Facebook Libra’s ‘virtual currency’ will have little standing or dependability,” he said.

Trump also criticised crypto assets more broadly, saying he was “not a fan” of bitcoin and similar assets, adding they are “not money”, are highly volatile