US Treasury Secretary concerns risks from cryptocurrency

Source:Xinhua Published: 2018/1/13 8:48:08

US Treasury Secretary Steven Mnuchin on Friday expressed his concerns about the risks from cryptocurrencies such as bitcoin.

Mnuchin said in an interview at the Economic Club of Washington that his primary concern with cryptocurrencies is their potential use for money laundering or illicit finance.

"We want to make sure that bad people cannot use these currencies to do bad things," said Mnuchin.

He also said that the United States will work with G20 members to ensure the cryptocurrency accounts don't "become the Swiss numbered bank account."

The finance minister also expressed his concern that consumers could get hurt from the speculative investment of bitcoin.

According to the finance minister, the interagency Financial Stability Oversight Council has formed a working group to monitor cryptocurrencies.

In regard to whether the Federal Reserve and the Treasury consider issuance of digital dollar, "the Fed and we don't think there's any need for that at this point," said Mnuchin.

In her latest press conference in December, Fed chairwoman Janet Yellen also dismissed the idea of introducing a digital currency, saying that there were limited benefits from introducing it due to limited demand and substantial concerns.

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