Mnuchin Calls for Crypto Regulatory Talk At G20 Summit
U.S. Treasury Secretary Steven Mnuchin has indicated he is planning to raise the subject of cryptocurrency regulation during an upcoming G20 summit.
The deputy secretary of the U.S. Treasury has raised the specter of a not-so-distant future when private digital currencies have stripped some of the power from governments. Policymakers will take a "hard look" at that, he said.
Facebook's Libra and other cryptocurrencies operating in the U.S. must meet regulatory requirements to tackle financial crimes, the official said.
Steven Mnuchin, secretary of the U.S. Treasury, has no issue with the launch of the Facebook-led Libra project – as long as financial rules are followed to the letter.
The everyday crypto user in the future is likely to spend time identifying illicit wallets and transactions to avoid, thanks to the U.S. Treasury.
The Treasury undersecretary has called for other nations to regulate cryptocurrencies to help protect the financial system and national security.