US Treasury Secretary Steven Mnuchin supported the opinion of Donald Trump that Bitcoin and other cryptocurrencies are often used for illegal activities.
At a press conference yesterday, Mnuchin repeated the concerns of various officials and the President of the United States, Donald Trump. One of the main problems cryptocurrency authorities consider the possibility of their use for criminal activity.
“Libra can be used to launder money and finance terrorism. This is really a national level security problem, ”the US Treasury Secretary said.
He noted that the US Treasury Department for Financial Crimes (FinCEN) will thoroughly investigate Bitcoin and Libra to make sure that these cryptocurrencies meet the highest standards.
In addition, Mnuchin recalled the recommendations issued by the International Financial Action Task Force on Money Laundering (FATF), which oblige cryptocurrency exchanges to exchange customer information and identify users.
Last week, Donald Trump posted a series of posts on the social network Twitter, stating that he was not a “Bitcoin fan,” and also criticized the Libra project. The US Treasury Secretary also noted that he feels "not too comfortable about Libra."
“With all respect for the Libra project, our main and most important goal is to maintain the integrity of our financial system and protect it from fraud and abuse,” Mnuchin emphasized.
We should note that today and tomorrow in the Congress, hearings should be held on the steablcoin developed by Facebook.
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Dear @moonvoyager
It's hard not to see that currently discussions around Facebook and their libra are attracting attention and are very intense. And to tell you the truth, personally don't know yet what to think about it.
I'm mostly interested how FED and other central banks will react if they will realize that Libra is a threat for current financial system.
Personally I will not put my trust in Facebook and I don't think I will ever use Libra. However I will surely pay attention to this project as it may turn our financial world up-side-down....
Important questionI would like to ask you, and hopefully you would share your own opinion:For that reason alone I cannot see monetary system being changed much. Neither by libra or bitcoin or any other crypto. Debts, goverment expenses, trade oil - all of it will still require $$$.
What do you think? Upvote on the way.
Yours,
Piotr
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Very interesting written. I think a lot about this issue and follow news and updates.
If the world uses cryptocurrencies, it will not be so fast. Many people do not trust anything new. Many have been deceived and ruined. In the meantime, I watch and report news here so that many people are aware and have information.
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