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Cryptocurrencies Becomes Donald Trump's Concern

US Treasury Secretary Steven Mnuchin shared President Donald Trump's concerns about using crypto money to finance illicit activities, and stressed the role of enforcing FinCEN regulations with respect to organizations dealing with crypto. Mnuchin made his remarks at a press conference on July 15. Mnuchin called the use of cryptocurrency to fund illicit activities as a matter of national security, saying that billions of dollars had been used for this purpose:

"Cryptocurrency like Bitcoin has been exploited to support billions of dollars in illegal activities, such as cybercrime, tax avoidance, extortion, randomization, illegal drugs, human trafficking. This is indeed a matter of national security. "

Responding to questions from the press, Mnuchin further commented on the role of crypto which appeared as a tool to finance crime, saying:

"I think for the most part, this cryptocurrency has been dominated by illegal activities and speculation."

Secretary Mnuchin also echoed the President's latest Twitter post on cryptocurrency, saying: "As the President said:‘ Bitcoin is very volatile "and" The finance minister took very seriously the role of the US dollar as a reserve of world currencies."

As previously reported, President Trump tweeted a series of anti-crypto and anti-Bitcoin statements on July 12, following the "Social Media Summit" for conservative personalities. Trump said that the value of crypto is "very volatile" and that they can "facilitate unlawful behavior." According to Mnuchin, the Ministry of Finance has emphasized - to Facebook and Bitcoin (BTC) users - that digital financial services are bound by the same Anti-Money Laundering and Combating Financing Terrorism policies like traditional institutions such as banks.

In addition, he said that crypto transmitters must comply with the Bank Confidentiality Act (BSA) and register with the Financial Crime Enforcement Network (FinCEN): Treasury bureau. FinCEN is a federal regulator that implements BSA in practice, and has authority over all money service transmitters - including crypto money projects such as Libra. Mnuchin also formed the Working Group of the Financial Stability Oversight Board on Digital Assets, which reportedly included key regulatory players such as the SEC, CFTC, and The Fed in addition to FinCEN. The idea of ​​this group is to reduce the risk of regulations supposedly related to cryptocurrency.

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