US Treasury: Cryptocurrency is a national security issue.
In the run-up to Tuesday’s speech by David Markus, head of the blockchain division of Facebook in Congress, US Treasury Secretary Steven Mnuchin held a press conference at which he stated that the Trump administration had “very serious doubts” about both the digital currency Libra and Bitcoin and other cryptocurrency in general. It is reported by Bloomberg.
In particular, Mnuchin said that digital currencies could contribute to money laundering and other illegal activities, and also promised that the US Treasury would make every effort to counter violators of the law.
“This is really a matter of national security. We will not allow digital currency service providers to act in the shadows, ”he said.
The minister did not mention any concrete measures that the department intends to take, but many of his words were spoken in unison with the statements made last week by US President Donald Trump.
“Bitcoin is distinguished by high volatility, it is not secured. We are concerned about its speculative nature and will do everything necessary to protect the US financial system from fraud, ” said Mnuchin.
He also added that he plans to discuss this “problem” during the G-7 summit to be held this week in France, stressing that extensive discussions on this issue are already underway with Fed Chairman Jerome Powell.
Earlier on Monday, David Marcus published a written version of his upcoming speeches in the US Congress. In particular, he stressed that the activities of the Libra Association consortium will be regulated by the Swiss Financial Market Supervision Authority (FINMA), and the launch of the Libra project will take place only after the doubts of regulators have been dispelled.