RATE Group | US Treasury Secretary Mnuchin Thinks Outlook for Bitcoin Is Bleak
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US Treasury Secretary Mnuchin Thinks Outlook for Bitcoin Is Bleak

24 Jul US Treasury Secretary Mnuchin Thinks Outlook for Bitcoin Is Bleak

Posted at 20:20h in Cryptocurrency News by

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U.S. Treasury Secretary Steven Mnuchin commented on cryptocurrency’s future viability, in an interview on Wednesday.

“I can assure you I will personally not be loaded up on bitcoin in 10 years,” Mnuchin said on CNBC’s Squawk Box. “I would bet even in five to six years I won’t even be talking about bitcoin as Treasury Secretary.”

While Mnuchin’s comments today do not elucidate his specific regulatory policies, he said previously that cryptocurrencies pose “risk to the financial system” if misused like Swiss bank accounts.

To prevent financial crime or monetary distortion, the Secretary has called upon the Financial Crimes Enforcement Network (FinCEN) and the Financial Action Task Force (FATF) to design guidance that will hold cryptocurrencies to the highest standards.

Today he added, “We’re going to make sure we have a unified approach and my guess is that there are going to be more regulations that come out from all these agencies.”

On July…

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