The US Secretary of the Treasury, Steven Mnuchin, put forth various expressions in regards to the worldwide utilization of advanced monetary forms at a gathering of the Economic Club of Washington on Friday.
The Secretary communicated his worry that Bitcoin wallets could conceivably turn into the cutting edge likeness the mysterious Swiss financial balance. He means to work with the G20 countries to offer US following capacities keeping in mind the end goal to keep such abuse from happening. He stated:
“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 seem to understand that not all wallets are hosted by “companies.”
Industry opinion
Cryptocurrency industry experts, however, aren’t so thrilled about the idea of more regulations. For example, Sergei Sevriugin, CEO and Founder of risk-sharing platform REGA, told 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.”
It's ALL about control, governments can't seem to even halfway understand what cryptocurrency is or how it works and can be utilized evidenced by the regulations which have already been proposed or implemented...
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