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

U.S. secretary of the treasury to intently screen Bitcoin paying little heed to cost

In a press instructions revealed by CNBC on July 18, Mnuchin censured Bitcoin and diverse cryptographic forms of money as they'll be utilized for illegal capacities like covering up, adding that the office plans to authorize strong laws on the region.

The authority accentuated his own purpose to intently screen Bitcoin to counteract unlawful action regardless of its cost, asserting that there are billions of dollars in Bitcoin and diverse crypto for accursed exercises.

Mnuchin believes that money isn't laundered like Bitcoin is. As Mnuchin clearly said that Bitcoin’s vulnerability to money laundering is that the main reason for the Treasury to manage it tightly, CNBC’s host Joe Kernen questioned his purpose in an interview on “Squawk Box” on July 18.

Kernen argued that Bitcoin and different existing currencies’ capabilities to be used for wicked activities can't be a reason for forbidding them, noting that “cash is laundered all the time.” Mnuchin didn't backtrack from his position, replying that such an announcement isn't accurate.

The Secretary careful that the U.S. has the strongest anti-money laundering (AML) system within the world, adding that the govt combats “bad actors within the U.S. dollar daily to safeguard the U.S. economic system.”

Following the interview, Kernen expressed sarcasm regarding Mnuchin’s idea that money has not been laundered all the time, however the authorities are combating illicit activities in its system. He tweeted:

“‘the existing system has ne'er been used for illicit activities however we're reaching to check that crypto is isn't used for illicit activities just like the current system.’ Got it.”

On July 15, Mnuchin expressed concern over Facebook’s projected cryptocurrency and its potential illicit use, noting that he's not comfortable with Libra cryptocurrency, which may be used for tax evasion, extortion, illicit drugs and human trafficking, among others.

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