Mnuchin: “We Want To Make Sure Bad People Can’t Use Bitcoin To Do Bad Things”

By Tyler Durden

Back in September 2015, when we first predicted that bitcoin would enjoy an exponential price increase as first the Chinese and then everyone else realized that the cryptocurrency is nothing less than the digital equivalent of borderless Swiss bank account, bypassing capital controls with ease and enabling money laundering anywhere and everywhere, its market cap was $3 billion. It is now $230Bn.

Today, a little over two years later, the US Treasury has figured this out, and on Friday Treasury Secretary Steven Mnuchin said he will work with the Group of 20 nations to prevent cryptocurrencies such as bitcoin from becoming the digital equivalent of an anonymous Swiss bank account.

“We are very focused on cryptocurrencies,” Mnuchin explained, pointing to discussions with other regulators within the U.S. government and later stating: “We want to make sure that bad people cannot use these currencies to do bad things.”

Speaking at the Economic Club of Washington, Mnuchin said that the Financial Stability Oversight Council, a government body that assesses financial system risks, has formed a working group focused on cryptocurrencies, and explained that “In the United States — and people may not realize this — under our laws, if you have a wallet …read more

Source:: ZeroHedge