Monday, January, 29 2018 3.00PM / Proshare WebTV
United States Treasury Secretary Mr Steve Mnuchin says
his administration will work to ensure “cryptocurrencies” are not used to
promote illicit activities.
He disclosed this at a power-packed panel session on the “Remaking
of Global Finance” at the recent 2018 World Economic Forum in Davos,
Considering the growing phenomenon of the digital currency spread
and how it is generating huge interests from the millennial population across
the globe, Mr Mnuchin stated that those who operate “Bitcoin” wallets in the
United States, will be subject to the same regulations as the banks.
Speaking further he asserted that the U.S will work with G-20
countries and the rest of the globe, to achieve a unified regulatory framework
for the digital currency space.
According to him “We want to ensure that our markets are safe, and
not used for illicit activities.
Mnuchin assured the global financial market players that the U.S
will continue to encourage the Fintech ecosystem, driving solutions to the
financial services through technology.
On her part the Managing Director of the International
Monetary Fund (IMF) Christine Lagarde said as a body accountable to 189
countries, the IMF has started monitoring the development of cryptocurrencies
with the potential benefits it brings.
She however, identified anonymity, lack of transparency, the
issues of money laundering and the reports that it could be diverted to finance
terrorism is unacceptable, as the reasons why it is under close watch by the
Last week in his keynote address President Emmanuel Macron of
France at the Davos 2018 World Economic Forum, called on the IMF, to play a
super-cop role in investigating the “Cryptocurrency”.
The Prime Minister of the United Kingdom Mrs Theresa May also
in an interview at the forum, made a strong case for the regulation of
cryptocurrencies, to curb criminal activities in the global financial market.
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