US Treasury Secretary Steven Mnuchin made some statements on the international use of digital currencies at the Economics Club in Washington on Friday. He mentioned that his accounts have modern versions.. Concerned that Bitcoin wallets provide such anonymity, the minister aims to meet with G20 countries to use the US’s tracking capabilities to prevent such uses.. The minister said:
“If you have a wallet to hold bitcoin, that company, like a bank, has an obligation to know you. We can track these actions. The rest of the world can’t do that, so we’ll be working in the G-20 to make sure it (wallets) don’t end up in Swiss bank accounts.”
US Treasury Secretary knows about Bitcoin, Bitcoin wallets. This is nice but still there is a problem. The minister seems to think that all Bitcoin wallets are provided by “companies.”. We can point them out to Sergei Sevriugin, founder and CEO of risk-sharing platform REGA. Sevriugin said:
“I think there are already regulations for cryptocurrencies, but they are regulation by the community, not by central authorities, which is the best kind of regulation possible.. Centralized regulations will kill the idea that cryptocurrencies (defend) and if not controlled by the community, these regulations will cause some problems like corruption.. We all remember that the last crisis, including the collapse of the mortgate system in 2008, was completely under control and regulation.. In order for authorities to have absolute control over cryptocurrencies, they first need to gain absolute control over the internet.”
Escape from Sanctions
Mnuchin also stated that digital currencies are currently being used by countries that are subject to some sanctions. He said they could be used to evade these sanctions.. However, Mnuchin, who was not very worried about such a use, said that he did not think that countries such as Russia and Venezuela could be very successful in this regard.
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