Treasury Sec Mnuchin: US Will Work With G-20 Partners to Prevent Cryptocurrency from Becoming “Swiss Bank Account”



In remarks offered at an Economic Club of Washington event on Friday, U.S. Treasury Secretary Steven Mnuchin acknowledged that the United States will work with other nations to ensure that digital currencies are not misused by “bad people.” Much of that effort will focus on preventing people from using cryptocurrencies in the same way people once used Swiss bank accounts.

Mnuchin explained why this cooperation is necessary by contrasting U.S. law with other laws around the world. He noted that digital currency wallet providers in the U.S. are subject to the same know-your-customer obligations as banks – something that isn’t true in many other nations:

“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.”

Mnuchin also took the opportunity to express his concern about the level of speculation he sees in the digital currency markets. He suggested that would-be digital currency buyers should make an effort to understand the risks associated with digital currency trading, and said that he’s “concerned consumers could get hurt."

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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