US: tougher regulations on cryptocurrencies are being prepared

Now that the U.S. Congress has concluded its hearings on Facebook's LibraCoin, Treasury Secretary Steven Mnuchin has set and outlined new regulatory goals [...] https://www.pinterest.com/pin/1085437947660215829/

Now that the US Congress has concluded its hearings on Facebook's LibraCoin, Treasury Secretary Steven Mnuchin has set and outlined new regulatory goals for Bitcoin. It seems that the aftermath of the Congressional hearings on Facebook's LibraCoin may now be the genesis of future regulatory issues for the entire US cryptocurrency market. On Thursday, Treasury Secretary Steven Mnuchin promised that the U.S. will oversee cryptocurrencies with "very, very strong" regulations. "We will make sure that bitcoin does not become the equivalent of bank accounts with Swiss numbers," - he added. Does the market need more transparency? According to Mnuchin, strict regulation will ensure that cryptocurrency transactions remain transparent and prevent the creation of a kind of shadow banking, as facilitated today by the Swiss system, for example. Mnuchin told CNBC: "I want to be sure that anyone who uses Bitcoin regardless of its price is using it for the right purposes and not for illegal activities." Mnuchin also said that "billions of dollars worth of [transactions] are made using Bitcoin and other cryptocurrencies." In his view, these mostly relate to criminal activities. Mnuchin's concerns are to some extent understandable. There are many well-known situations in which Swiss banks offered customers banking services that helped them hide their money transfers. All by providing the market with numbered, coded accounts that are known only to the account holder and a small circle of bankers. U.S. Treasury secretary fears BTC Mnuchin in a press conference on Monday also said: "Cryptocurrencies like Bitcoin have been used to support billions of dollars [in] illegal activities such as cybercrime, tax fraud, extortion, ransomware, illegal drugs and human trafficking." Cryptocurrencies have been in the spotlight in the U.S. this week as Congress has questioned Facebook experts who are working on LibraCoin in recent days. President Donald Trump himself tweeted about Bitcoin (it was his first public statement about cryptocurrencies), echoing many of the stereotypes about digital currencies. So is the cryptocurrency market in the US at risk? We wrote about such risks here. Tags btc usa Donald Trump bitcoin Libra Facebook Libra hearing Steven Mnuchin bitcoin USA cryptocurrencies USA libracoin usa law usa regulations