US Treasury Secretary Steven Turner Mnuchin made his first public comments on Bitcoin in a recent interview on November 9, 2017, which focused mainly on the US tax code.
The Ministry of Finance is closely monitoring the Bitcoin exchange rate. The price of Bitcoin, which has recently been increasingly called “otherworldly,” has been attracting a lot of attention. But is this for the better? If Bitcoin were a company, regulation by the US Treasury would be highly undesirable.
"Bitcoin's market cap has already surpassed $100 billion. People call Bitcoin a currency. They use it as a currency," began Yahoo Finance Markets correspondent Nicole Sinclair, "What are your thoughts on Bitcoin? Is the government going to regulate it?" Steven Mnuchin, Trump's Treasury Secretary, responded: "I would say that at this point we are cautiously looking at Bitcoin and monitoring its development, and we will continue to do so."
From executive producer of The Lego Movie to Treasury Secretary of one of the largest economies on the planet.
After leaving Goldman after 17 years there, Mr. Mnuchin founded his own hedge fund and even began financing films such as X-Men and Mad Max.
"So the first issue that needs to be addressed is how to stop people from using Bitcoin for illegal activities. We need to make sure that there are no shadow entities funded by Bitcoin. At this point, if you are a Bitcoin dealer in the US, you must comply with all BSA requirements," Mnuchin said. (BSA - Bank Secrecy Act of 1970, money laundering regulator) "And these are the issues that we discuss most often with our foreign partners. Our number one job is to make sure that Bitcoin is not used for the illicit transfer of funds," he said.
Subsequently, when asked about the approximate dates when the government plans to begin regulating Bitcoin, he replied, "I don't know. I can't say anything for sure. We have working groups that are looking at this issue and we will continue to watch it [Bitcoin] very closely."
According to https://news.bitcoin.com
You May Also Like
Analysis of cryptocurrency pairs BTC/USD, ETH/USD, XRP/USD as of 08/07/2018
The market is still poorly resisting the bearish price trend. The XRP/USD pair has updated its annual low, which may be a sign of a resumption of the global downtrend of the entire market
The time of hodlers is running out
According to new data from Chainalysis, the number of coins being used for trading by individual traders is growing. Approximately 4.8 million bitcoins (32% of the total supply of coins in existence, minus lost coins) were held in the wallets of active traders as of August 31. At the end of 2017, when the market peaked, individuals owned just 3.8 million bitcoins (representing 26%).
