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US will ensure cryptocurrencies are not used for Illicit activities-Mnuchin

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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, Switzerland. 

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 monetary body. 

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”. 

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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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