Attending an event organized by the Economic Club of Washington, United States Treasury Secretary Steve Mnuchin noted his department is taking a close look at cryptocurrencies. With South Korea’s regulatory ambiguity reaching a fever pitch, U.S. crypto traders wonder what’s next at home.
Bitcoin Wallets, Meet KYC?
In new comments from a January 12th talk at an Economic Club event in Washington D.C., Treasury Secretary Mnuchin — the top financial policymaker adviser to President Donald Trump — said the Treasury Department is scrutinizing cryptocurrencies like never before.
So, in the United States, and people may not realize this, under our laws if you have a wallet to own bitcoins, that company has the same obligation as a bank to ‘Know Your Customer.’ […] One of the things we will be working very closely with the G20 [summit nations] on is making sure that this doesn’t become the Swiss numbered bank accounts.”
It’s not immediately clear what measures Sec. Mnuchin would take, or even could take, to prevent cryptocurrency wallets from becoming “Swiss accounts.” But his comments won’t be the most settling for U.S. crypto traders, even if it’s more or less politispeak for now.
Fed Looks at Digital Dollars?
In his remarks, Mnuchin claimed the Fed had at least scrutinized the idea of a digitized U.S. dollar but eventually disregarded the concept as unnecessary.
“This is something I’ve spoken to the Fed about […] there are Central banks thinking of, instead of issuing cash, physical cash, issuing a digital currency. So, I mean, the Fed has contemplated and looked at [it]. I don’t they have any intention of doing this in the near term […] we don’t think there’s any need for that at this point.”
Images via Market Watch, The Intercept
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