US Treasury Secretary Addresses Anonymity, Sanctions A… | News

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The US Secretary of the Treasury, Steven Mnuchin, made plenty of statements concerning the worldwide use of digital currencies at a gathering of the Economic Club of Washington on Friday.

The Secretary expressed his concern that Bitcoin wallets may doubtlessly grow to be the trendy equal of the nameless Swiss checking account. He intends to work with the G20 nations to supply US monitoring talents with a view to stop such misuse from occurring. He mentioned:

“If you have a wallet to own Bitcoins, that company has the same obligation as a bank to know [you]. We can track those activities. The rest of the world doesn’t have that, so one of the things we will be working very closely with the G-20 is making sure that this doesn’t become the Swiss bank account.”

Mnuchin doesn’t appear to grasp that not all wallets are hosted by “companies.”

Industry opinion

Cryptocurrency trade specialists, nonetheless, aren’t so thrilled about the concept of extra rules. For instance, Sergei Sevriugin, CEO and Founder of risk-sharing platform REGA, instructed Cointelegraph:

“I think the regulation already exists for cryptocurrency but, regulation by the community not central authorities, which is the best type of regulation that can ever exist. Centralized regulation will kill the idea of crypto currencies; and, without any control from the community, this type of regulation will lead to several problems, including corruption. We can all remember the last crisis, including the mortgage system collapse in 2008, was under full control and regulation. To put cryptocurrency under full control, the authorities must first put the Internet under control.”

Skirting sanctions

Mnuchin additionally addressed the potential that nations might use digital currencies to skirt present monetary sanctions. He expressed a perception that there’s little threat of such actions, saying that he is ‘not at all’ fearful that nations akin to Russia and Venezuela would be capable of operate in that approach.

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