US Treasury to Introduce New Regulations for Digital Currencies

The US Treasury plans to introduce new rules and regulations  on Digital currencies intended to crack down on its use to facilitate money laundering and other illicit activities

Steven Mnuchin, the treasury secretary told a Senate Finance Committee that the Financial Crimes Enforcement Network will soon announce new rules on digital payment and cryptocurrency. The primary concern with digital currency adoption is the issue of scams, opacity and ambiguous trade-offs that seem unconventional to traditional finance. Mnuchin hopes the new rules to improve transparency in order to stop money laundering and will prevent the use of cryptocurrencies as a “secret bank accounts”.

The US administration has expressed concern about the increased use of crypto in the execution of anonymous and illegal transactions. Additionally, the lurking potential of evading American Sanctions by nations like North Korea and Iran remains a huge threat to the blockchain. 

He did not hesitate to suggest that…