The US Treasury Studies the Use of Bitcoin in Illegal Activities

November 13, 2017

The US Treasury Studies the Use of Bitcoin in Illegal Activities

The US Treasury Department Secretary Stephen Mnuchin stated that the Department is studying the use of Bitcoin in illegal operations.

In his interview with Yahoo Finance, Mnuchin said that every alleged use of the the cryptocurrency for illegal purposes is carefully considered to make sure that Bitcoin is not used for financing the darkweb. According to his words, today this issue is extremely important for the Treasury Department.

Earlier, the Department announced the study of the practice of working with the cryptocurrency, used in the US Financial Crimes Enforcement Network (FinCEN). The audit is aimed at studying FinCEN's work on combating money laundering and terrorist financing with the help of cryptocurrencies.

Mnuchin also said that the question of using Bitcoin in criminal activity is being discussed with the foreign partners of the Department.

He stated that everyone who trades Bitcoin in the US must comply with the principle of 'know your customer' and meet the requirements of the law on bank secrecy. These measures are aimed at combating money laundering and fraud in the country.

According to Mnuchin, the Department first of all wants to be sure that Bitcoin is not used in illegal transactions and financing illegal activities.

 

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