US Treasury Secretary Mnunchin Says G7 in Agreement on Libra, Cryptocurrencies

Treasury Secretary Steve Mnuchin said his executive agency was in line with other financial ministries of the Group of Seven (G7) regarding Facebook’s leap into cryptocurrencies.

“There was a clear agreement from all G7 finance ministers and central bank governors that Libra in particular raises some very significant concerns, and cryptocurrencies more broadly,” adding, “before any of us let these go through, we’re going to make sure those concerns are satisfied,” Mnuchin said on CNBC’s Squawk Box.

For his part, the secretary would “very, very strong[ly]” impress upon the crypto industry the same regulations “physical money service providers” abide by. He cited specifically the Financial Crimes Enforcement Network (FinCEN) and the Bank Secrecy Act (BSA), to that end.

“At the treasury we’ve been doing work on this for over the last year,” he said. “We put together a working group.”

While Mnuchin “wants to be careful that anyone that is…