Mnuchin: Treasury Watching Bitcoin ‘Very Carefully’

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The government’s views on Bitcoin were one topic of discussion during U.S. Treasury Secretary Steven Mnuchin’s interview with Yahoo Finance markets correspondent Nicole Sinclair on Thursday. The Secretary offered few specifics and no timetable for announcing an official position, but did note that he remains concerned about the cryptocurrency’s potential for facilitating illegal activities:

“It’s something we are looking at very carefully and will continue to look at. The first issue and the most important issue is to make sure that people can’t use bitcoin for illicit activities. So we want to make sure that you don’t have the dark web funded in bitcoins. And that’s something that is a concern of ours today.”

Mnuchin also said that he is communicating with his peers in the international community to ensure that Bitcoin dealers are adhering to Bank Secrecy Act (BSA) and know your customer (KYC) requirements.

The Secretary declined to provide any timetable for issuing an official Treasury Department policy position on Bitcoin. He did, however, acknowledge that the Department is actively evaluating the digital currency, noting that there are “working groups that are looking at” the issue.

The views expressed by the authors on this site do not necessarily represent the views of DCEBrief or the management team.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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