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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

Mignolet to extend his stay in Liverpool- Klopp

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LiverpoolFc fans has called on Klopp to be careful of who to sign due to the club silent in the transfer market.

Liverpool gaffer has reacted by stating, he is keen to add more dept to his team as he look to secure another trophy in coming season.

Jurgen Klopp has also disclosed, he expects Simon Mignolet to remain at Liverpool following positive discussions with the goalkeeper.

Liverpool want to keep Mignolet, with sporting director Michael Edwards not putting a price on him.

And following the 3-1 preseason victory over Bradford City, Klopp disclosed a talk with the goalkeeper that suggests he will extend his six-year spell with the club.

“Yeah, how I’ve heard,” Klopp responded when asked whether Mignolet will remain with Liverpool.

“I’ve had a lot of conversations with him over the last couple of years and months.

“Before we left [for holiday], we had a talk and I would say, yes [he will stay]. I think at a club like Liverpool you need two No. 1s at least and we have that, that’s cool, with Ali and Simon.

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24 Hours Across Africa

Erdogan, confident that Trump will waive sanctions on Turkey.

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Source: Reuters- U.S. President Donald Trump has the authority to waive sanctions on Turkey for its purchase of Russian air defense systems and should find a “middle ground” in the dispute, President Tayyip Erdogan says.

First parts of a Russian S-400 missile defense system are unloaded from a Russian plane at Murted Airport, known as Akinci Air Base, near Ankara, Turkey, July 12, 2019.

Erdogan’s comments came two days after NATO member Turkey took delivery of the first consignment of advanced Russian S-400 missile defense system parts, despite warnings from Washington that the move would trigger U.S. sanctions.

Broadcaster Haberturk quoted Erdogan as telling Turkish journalists that Trump “has the authority to waive or postpone CAATSA”, referring to U.S. sanctions designed to prevent countries buying military equipment from Russia.

“Since this is the case, it is Trump who needs to find the middle ground,” Erdogan said, according to Haberturk.

Trump expressed sympathy for Turkey’s position when he met Erdogan at a G20 summit in Japan last month, saying Ankara had bought the S-400s from Moscow because the previous U.S. administration would not sell it the Patriot defense system made by Raytheon Co.

“Right now, I don’t believe Trump is of the same opinion of those below him and he has said this in front of all the world’s media,” Erdogan said. “By buying the S-400s, we are not getting ready for war. We are trying to guarantee peace and our national security.”

Despite Trump’s warm words, U.S officials said last week the administration still planned to act.

U.S. Secretary of State Mike Pompeo told the Washington Post in an interview published late on Sunday “the law requires that there be sanctions and I’m confident that we will comply with the law and President Trump will comply with the law”.

U.S. officials have said Turkey could also be thrown off the F-35 stealth fighter jet program in addition to the threatened CAATSA sanctions,

Meaning it would no longer be part of the production process or be able to buy the jets it has ordered.

The Pentagon says the S-400s would pose a threat to the jets if they were operating in the same region.

Erdogan said Turkey had orders for more than 100 F-35s made by Lockheed Martin and expected Washington to remain committed to the deal.

Erdogan said Turkey still wanted to buy Patriot missile defense systems from Washington and the two countries should be aiming to increase trade and work on “comprehensive defense cooperation”.

“Trump has always viewed this positively,” he said. “ … Now, at a time when we are discussing mutual trade volumes of $75 billion, $100 billion, will we be dealing with this gossip? Why should we? We are strategic partners, let’s do what strategic partnership entails.”

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