US Treasury: Billions of dollars from illegal activities pass through cryptocurrencies

US Treasury Secretary Stephen Mnuchin said that billions of dollars are involved in Bitcoin and other cryptocurrencies involved in illegal activities. In his opinion, providers of digital money and traditional financial services should be equally regulated.

So, Mnuchin mentioned the norms of the Network for Combating Financial Crimes (FinCEN) and the USA Banking Secrets Act. He added that regulators need to make sure bitcoin is used only for legitimate purposes. At the same time, the ministry supports financial innovations that reduce costs, especially in cross-border payments.

At the same time, he once again stated that Bitcoin should not become an analogue of an account in a Swiss bank, and did not recognize that fiat money for washing purposes is used much more often.

Note that Mnuchin supported the G7 general line of finance ministers regarding Libra’s digital currency, which Facebook is developing.

At the beginning of January last year, a cryptocurrency working group was established under the American Council on the Supervision of Financial Stability (FSOC). At the same time, the US Treasury promised to cooperate with G20 partners in preventing the use of cryptocurrency in illegal activities.

Earlier this week, Mnuchin called the fight against the illegal use of cryptocurrency a national security issue that worries the administration of Donald Trump.

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