Bitcoin, Crypto currency, Blockchain

US Secretary of the Treasury looks at Bitcoin and Facebook’s Libra also critical

98b7d47eb9a2b4922af1f31e38fb42d1 - US Secretary of the Treasury looks at Bitcoin and Facebook's Libra also critical

US Secretary of the Treasury looks at Bitcoin and Facebook’s Libra also critical

Home News US Secretary of the Treasury looks at Bitcoin and Facebook’s Libra also critical

Of
Marcel Knobloch –
16.07.2019

After US President Donald Trump has been very critical to Bitcoin and crypto-currencies, the Finance Ministers of the United States of America criminal potential for the use of illegal activities around the Globe.

Just a few days after President Trump has fulminated against Bitcoin on Twitter, warned Mnuchin him personally of Bitcoin and its potential use in practice.

Its my to make digital Assets a “national security problem” is. In yesterday’s press conference, he stated (freely translated):

Crypto-currencies such as Bitcoin have been exploited to support illegal activities in the billions, such as Internet crime, tax evasion, extortion, blackmail, soft goods, illegal drugs and human trafficking.

However, he goes on to state that he felt with the current Situation around the upcoming launch of the Facebook Libra-Coins, probably. There are still too many regulatory and Supervisory Board, legal questions about virtual assets and virtual currencies (freely translated):

Many players have tried to use crypto-currencies, to Fund their malicious behavior. This question is in fact a national security.

The United States was a leader in the regulation of Agencies that provide crypto-currency ready. We will not allow a service provider to digital Assets act in the dark, and the use of crypto-currencies in support of illegal activities will not be tolerated.

Facebook, Bitcoin users and other providers of digital financial services, it is clear that you wash the same measures to combat money and the financing of terrorism, referred to as the AMLCFT-protection measures, such as taking traditional financial institutions.

The entry of Facebook in this market, has shown that a single actor can have a large user base, can bring the financial balance quickly confused. The concentration of power in individual companies such as Facebook is particularly evident. Facebook Libra Coin could represent, according to financial experts from the United States a threat to the Status Quo, with the aim to revolutionize the global financial system, monetary policy and the definition of money. The new understanding of money, brings new personalities into the spotlight, not out of a policy or financial nature but of the IT companies to operate worldwide.

The Supervisory authorities of the United States is trying to still figure out, as in the case of complex projects (such as in the case of Facebook Libra), can pull the emergency brake, because you want to support the technological development. However, it is also essential to protect the consumer, and criminal activities to contain or completely stop. Mnuchi indicates that dasFinCEN (Financial Crimes Enforcement Network) will monitor all transactions of Bitcoin and crypto-currencies, in order to detect terorrismus financing and money laundering, and to eliminate immediately. Furthermore, he supports the Thesis of Trump, that Bitcoin is very volatile and no intrinsic value (freely translated):

We are concerned about the speculative nature of Bitcoin, and will ensure that the U.S. financial system is protected from fraud.

On Twitter and other social networks, citizens have the policy elite prompted with experts in the industry of crypto-currencies to assemble in order to discuss the actual objective of the decentralization and the block chain technology. Only if a fully comprehensive understanding can be made the right political decisions.

Featured Image: Visual Generation | Shutterstock

You’re in the mood for more messages? Subscribe to our Newsletter and regularly receive the latest News by E-Mail!

Follow us!