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Trump criticizes digital coins, demands they face banking regulations

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U.S. President Donald Trump blast Bitcoin, Facebook’s proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. 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 (MA.N), PayPal Holdings Inc (PYPL.O) and Uber Technologies Inc (UBER.N), would form the Libra Association to govern the new coin. No banks are currently part of the group.

JPMorgan Chase & Co (JPM.N), the largest U.S. 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.

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 BTC=BTSP, 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.

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24 Hours Across Africa

Zimbawe’s doctor goes missing after masterminding strike

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Fearless Zimbabwe’s minister of health has called on the government to address insecurity lapses that has lead to the disappearance Peter Magombeyi, the head of a doctor’s union, who disappeared on Saturday.

Fears are rising over the fate of Zimbabwe medical doctor Dr Peter Magombeyi after he sent a message to say he had been abducted in that country by unknown persons – apparently for demanding a “living wage”.

An AFP report earlier on Sunday quoted the Zimbabwe Hospital Doctor’s Association (ZHDA) as saying Magombeyi had not been heard from since he sent a WhatsApp message on Saturday night saying he had been “kidnapped by three men”.

Zimbabwe doctors, who earn a miserly equivalent of about R3 000 are on strike to press for better wages, equipment and medicines in state hospitals.

The ZHDA has reportedly accused state security forces of abducting the doctor because of his role in organising work stoppages.

This week some doctors said the death of deposed Robert Mugabe, 95, in a Singapore hospital on 6 September was an indication of how bad health services in Zimbabwe

“Dr Magombeyi’s crime is only to ask for a living wage for his profession. This is a reflection of the troubles born out of refusal to implement Political Reforms.”

The Zimbabwe government led by Emmerson Mnangagwa has not publicly commented on the doctor’s disappearance

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24 Hours Across Africa

South Africans ask Nigerians for forgiveness as they troop out in masses

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Say no to Xenophobia, South Africans troop out in masses carrying banner and asking for forgiveness from Nigerians after weeks of xenophobic attacks.

The south Africans sangs as they marched through the street and also held up a banner which called for unity among Africans, week after the attack which led to destruction of properties and looting of shops owned by foreigners.

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