Is U.S. Treasury secretary Against Cryptocurrencies’ Revival in Economy?

Last Modified:24 Jun 2019 11:01:52
Is U.S. Treasury secretary Against Cryptocurrencies’ Revival in Economy?

After all the news and discussions in favor or against applying Blockchain technology and cryptocurrencies in critical financial affairs, now Steven Munchin, U.S. treasury secretary reveals his point of view.

According to CCN Markets, he has remarked that Financial Action Task Force (FATF) organization will avoid cryptocurrencies to get as powerful as secret-numbered accounts, though he is active in finding out some solutions to fight against measures such as money laundering.

He even showed his antagonistic opinion in widespread use of cryptocurrencies through forming a working group to control the legitimacy of the activities done via cryptocurrencies.

In this regard, he referred to a note by FATF mentioning that all the firms and institutes somehow engaged in working with cryptocurrencies should pass all anti-money laundering procedures and those related to financing terrorism exactly like what is prerequisite by banks working with actual money.

Is It a Threat for Crypto Businesses?

Apparently, what has been issued by FATF, might be profitable in the field of legislation; however, it will impose some costs on the crypto-oriented businesses. The clear result of such extra charges might change into a financial burden on the shoulders of crypto users; since, corporations are forced to compensate it by allocating more fees and commissions.