The US president crashed on cryptocurrencies and criticized Facebook's crypto project Libra. US dollar is the most powerful currency in the workd, believes Donald Trump.

Cryptocurrencies can simplify illegal cash transactions, including those associated with drug traffic. This widely popular opinion was supported by US President Donald Trump. Trump tweeted his distrust of cryptocurrency assets after participating in the Social Media Summit conference.

“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. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” Trump tweeted.

As usual, the US president didn’t limit himself to one tweet and revealed his idea more fully in subsequent posts. According to him, the only real currency in the United States is the dollar.

“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!”

Trump also criticized Facebook's crypto project Libra. According to the US president, this virtual currency is unreliable and unstable, like any other digital currency. If Facebook wants to work in the financial industry, then it should follow the same rules and regulations as banks, whether they are national or international.

Earlier, speaking at hearings in the Financial Services Committee of the House of Representatives of the US Congress, US Federal Reserve Chairman Jerome Powell said that Facebook cryptocurrency raises many serious concerns and may pose a threat to the national currency. According to Powell, the project should not be launched until the social network gives exhaustive answers to all concerns.