RATE Group | US Treasury Secretary Says Cash Is Not Laundered As Much As Bitcoin Is
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US Treasury Secretary Says Cash Is Not Laundered As Much As Bitcoin Is

22 Jul US Treasury Secretary Says Cash Is Not Laundered As Much As Bitcoin Is

Posted at 05:12h in Bitcoin News by

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Treasury Secretary Steven Mnuchin said that the authority will be preventing Bitcoin (BTC) from becoming an “equivalent of Swiss-numbered bank accounts.”

U.S. secretary of the treasury to closely monitor Bitcoin regardless of price

In a press briefing reported by CNBC on July 18, Mnuchin criticized Bitcoin and other cryptocurrencies as they can be used for illicit purposes such as money laundering, adding that the department intends to enforce strong regulations on the space.

The official emphasized his own intent to closely monitor Bitcoin to prevent illegal activity regardless of its price, claiming that there are billions of dollars in Bitcoin and other crypto for nefarious activities.

Mnuchin believes that cash is not laundered like Bitcoin is

As Mnuchin clearly said that Bitcoin’s vulnerability to money laundering is the main reason for the Treasury to regulate it tightly, CNBC’s host Joe Kernen questioned his point in an interview on Squawk Box on July 18. 

Kernen argued…

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