WASHINGTON: US President Donald Trump on Thursday criticized Bitcoin, Facebook’s proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to US and global regulations if they wanted to “become a bank.”
“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,” Trump wrote on Twitter.
“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,” he added.
Facebook said last month it would launch its global cryptocurrency in 2020. Facebook and 28 partners, including Mastercard Inc, PayPal Holdings Inc. and Uber Technologies Inc, would form the Libra Association to govern the new coin. No banks are currently part of the group.
JPMorgan Chase & Co, the largest US bank by assets, plans to launch its own digital coins.
Trump’s comments come one day after Federal Reserve Chairman Jerome Powell told lawmakers that Facebook’s plan to build a digital currency called Libra could not move forward unless it addressed concerns over privacy, money laundering, consumer protection and financial stability.
Powell said the Fed had established a working group to follow the project and was coordinating with other countries’ central banks, several of which have also expressed concern about Facebook’s digital currency project.
The US Financial Stability Oversight Council, a panel of regulators that identifies risks to the financial system, is also expected to conduct a review.
Facebook, the White House and the Treasury Department did not immediately respond to requests for comment. A spokeswoman for the Federal Reserve declined to comment.
Bitcoin, the best-known digital coin, was created in 2008 as an alternative to currencies controlled by governments and banks, but crypto trading and digital currencies remain largely unsupervised. The market has also faced allegations of money laundering and terrorist financing.
Trump’s series of tweets on cryptocurrency also come on the heels of an event at the White House where the president criticized large technology companies that he said treated conservative voices unfairly.
The Internet Association, a trade group representing major tech firms like Facebook, Twitter and Google, said: “Internet companies are not biased against any political ideology, and conservative voices in particular have used social media to great effect.”
Trump blasts Bitcoin and Facebook’s Libra, says they should face banking regulations
Trump blasts Bitcoin and Facebook’s Libra, says they should face banking regulations
- Facebook said last month it would launch its global cryptocurrency in 2020
- Bitcoin, the best-known digital coin, was created in 2008 as an alternative to currencies controlled by governments and banks
Saudi Arabia offers 11 mining sites in Eastern Province to boost investment
JEDDAH: Saudi Arabia has opened 11 mining sites at the Eastern Province’s Al-Summan Crushers Complex for competitive bidding, boosting investment, governance, and local community development.
The sites are designated for the extraction of aggregates and crusher materials, covering 9 sq. km, according to a statement by the Ministry of Industry and Mineral Resources.
The initiative forms part of the Kingdom’s drive to establish mining as the third pillar of its industrial economy, alongside oil and petrochemicals, leveraging mineral wealth now estimated at SR9.37 trillion ($2.5 trillion), a 90 percent increase from 2016 estimates of SR5 trillion.
The increase follows comprehensive surveys of the Arabian Shield, which revealed new deposits beyond traditional mineralized belts.
Jarrah bin Mohammed Al-Jarrah, the ministry’s official spokesperson, said applications for the mining sites will be accepted from Feb. 15 to March 5, via the Ta’adeen digital platform, which handles registration, qualification, bidding and the announcement of winning companies.
“The Ministry aims to allocate mining complexes to encourage investment in the mining sector, strengthen governance, protect sites from illegal exploitation, and support development in neighboring areas,” the statement said.
Saudi Arabia’s mining sector has demonstrated sustained growth, with the number of mining licenses rising from 1,985 in 2016 to 2,401 by the end of 2024, representing cumulative growth of 21 percent, according to the 2024 Mineral Wealth Statistics from the General Authority for Statistics.
Building material quarries accounted for the largest share of permits, rising from 1,267 in 2021 to 1,481 by 2024.
Exploration licenses also showed consistent growth, supporting the Kingdom’s broader strategy to develop its mineral resources and strengthen the mining sector as a key pillar of its industrial economy.
Reforms in the sector have attracted $32 billion in investments for projects in iron, phosphate, aluminum, and copper.
Recent surveys and discoveries, including rare earth elements, lithium, cobalt, and copper, as well as zinc and gold, highlight the Kingdom’s potential to expand into strategic industries such as electric vehicles, advanced technologies, and renewable energy.
Strategic investments and international partnerships, including projects like the Jabal Sayid rare earths site and collaborations with companies such as MP Materials, position Saudi Arabia as a global hub for critical minerals and reinforce the Kingdom’s Vision 2030 industrial ambitions.
