7/12, 8:27 PM (Source: TeleTrader)
more TeleTrader news

Facebook's Libra to incur sales, capital gains taxes - execs

Facebook Inc. expects that its digital currency Libra will probably incur country's sales and capital gains taxes and will include anti-laundering measures in cases people exchange it for traditional currencies, TechCrunch reported on Friday. According to the Libra Association executives, the initiative won't interact with consumers or operate as a bank, as they explained Libra was meant to complement the existing financial system.

Additionally, same sources refused to disclose their plans in case the use of Libra was banned in the United States, adding that they wouldn’t respond directly to comments made by the US president Donald Trump.

Earlier today, Trump criticized cryptocurrencies as a concept, stating they are "not money" and that their value is "highly volatile and based on thin air." Additionally, the US president said that Facebook needs to become subject to all banking regulations if it wanted to "become a bank."

Breaking the News / MA