Bitcoin to Be Regulated by New Rules Made Inside US Agencies: US Treasury Chief Mnuchin

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Thu, 07/25/2019 - 08:31
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    The head of the US Treasury believes new crypto regulations will emerge from US agencies to prevent Bitcoin and Co from harming the current global financial system

As reported by Bloomberg, the administration of the US president Donald Trump is ringing the alarm for fear of Bitcoin and other crypto bringing heavy damage to the traditional system of finance.

Earlier this week, the US Treasury chief Mnuchin stated that the plans of Facebook regarding Libra have got financial authorities in the US and other countries very much concerned. 

Lawmakers and central banks are led to believe that the launch of Libra will increase criminal activity and illegal funds transferring.

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For this reason, Mnuchin assumed that US regulators are going to get down to work on new crypto regulations that will cover crypto that is in existence at the moment and the coming-soon Libra Coin.

At a recent interview, Mnuchin said:

We’re looking at all of the crypto assets. We’re going to make sure we have a unified approach and my guess is that there are going to be more regulations that come out from all these agencies.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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