US Government Worried Crypto Can Shift Power to Private Sector

Cryptocurrency is one of the top issues for the U.S. Treasury. Particularly, the Treasury is worried decentralized cryptocurrencies can shift some functions away from the government to the private sector and raise the issue of self-government, according to Deputy Secretary of the Treasury Justin Muzinich.

Also read: US to Strictly Enforce Crypto Rules Similar to FATF Guidelines

Power Shift, Self-Government

Deputy Secretary of the U.S. Treasury Justin Muzinich discussed the Treasury’s priorities at the annual conference of the Bank Policy Institute (BPI) in New York last week. One area he focused on was payments, particularly cryptocurrencies. While acknowledging the value of innovation and welcoming efficiency improvements, he said:

Decentralized privately-issued digital currencies are not simply a means of payment, but, depending on their structure, can shift some functions traditionally performed by government to the private sector.

Muzinich added…