U.S. President Donald Trump: Facebook Needs a Bank License for Its Cryptocurrency

U.S. President Donald Trump on Thursday said he's "not a fan" of cryptocurrencies, and suggested that Facebook may need a banking charter if the company wants to launch Libra.

In a series of Twitter posts, Trump said cryptocurrencies are not money and "Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity."

 "If Facebook and other companies want to become a bank, they must seek a new Banking Charter and become subject to all Banking Regulations," said the president.   According to CNBC Trump is not the only one who has criticized Facebook's plan to introduce Libra. Federal Reserve Chair Jerome Powell, French Finance Minister Bruno Le Maire and Bank of England Governor Mark Carney are among government leaders and central bank chiefs who have spoken up against Libra.

Facebook declined to comment on Trump's twitter posts.