US Treasury Secretary Wants to Prevent Bitcoin From Becoming 'New Swiss Bank Account'

January 16, 2018

US Treasury Secretary Wants to Prevent Bitcoin From Becoming 'New Swiss Bank Account'

Last Friday, United States Secretary of the Treasury Steven Mnuchin speaking at a meeting of the Economic Club in Washington made a number of statements regarding the use of cryptocurrency.

The secretary expressed his fears that Bitcoin wallets might become the a version of Swiss anonymous bank accounts and said that this topic is a subject to an immediate consideration at the upcoming G-20 summit. Mnuchin added that possible solutions of tracking data of cryptocurrency users also should be on the agenda.

He said:

"If you have a wallet to own bitcoins, that company has the same obligation as a bank to know” you as a customer, Mnuchin said. “We can track those activities. The rest of the world doesn’t have that, so one of the things we will be working very closely with the G-20 is making sure that this doesn’t become the Swiss bank account."

It seems that Mnuchin believes that behind all Bitcoin wallets stand some "companies", which is apparently not true. 

Many experts of the cryptocurrency industry say that this industry does not need any regulation from the outside. For example, Sergey Severyugin, founder and CEO of REGA project, which is developing a platform for the distribution of risks.

He told Cointelegraph:

"I think the regulation already exists for cryptocurrency but, regulation by the community not central authorities, which is the best type of regulation that can ever exist. Centralized regulation will kill the idea of crypto currencies; and, without any control from the community, this type of regulation will lead to several problems, including corruption. We can all remember the last crisis, including the mortgage system collapse in 2008, was under full control and regulation. To put cryptocurrency under full control, the authorities must first put the Internet under control."

Also, Mnuchin noted that cryptocurrencies also could be used as a instrument to circumvent financial sanctions, but he added that countries such as Venezuela and Russia are unlikely to be able to use them.

Earlier in November 2017 Mnuchin said that the US Treasury is studying the use of cryptocurrencies in illegal activities. 

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