Remarkable New Requirements on Cryptocurrency on the Way, Says U.S. Treasury Secretary

News / 13.02.2020

Cryptocurrency remains a hot button topic in every party in the U.S. despite Andrew Yang’s inability to secure the presidential ticket in the Democratic Party. In the United States market, the number of patents as well as firms related to cryptocurrencies and blockchain keep increasing. Hence, they have become an economic and political issue this year.

On February 12, the U.S. Senate held a hearing to look into the budget for next year. President Trump proposed $4.8 trillion and while defending it, Senator Maggie Hassan (D-NH) questioned the proposal regarding cryptocurrency.

Sen. Hassan asked how the proposed budget would be increased to monitor suspected cryptocurrency transactions and prosecute terrorists as well as criminal organizations providing funds for illegal operations using cryptocurrency. 

In Steven Mnuchin’s response on camera, the U.S. Treasury is close to rolling out some remarkable new requirements at the Financial Crimes Enforcement Network (FinCEN). Mnuchin continued that the agency wants to ensure that technology advances but contrariwise, it is likewise working to ensure that cryptocurrencies are not utilized for something similar to the old Swiss secret number bank accounts.

Reports have it that U.S. military contractors are now interested in supporting firms who are adopting blockchain. Likewise, the Federal Reserve is now looking into the potential for digital currency.

Mnuchin’s comments provide a hint at greater transparency with cryptocurrency towards the prevention of money laundering.

Featured image courtesy of GettyImages. Source: Cryptopress.

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Debasish Das is from India, an engineering graduate and holds a postgraduate degree in management. He has 10 years of experience in the financial sector, having worked for one of the biggest MNC banking groups in the country. Currently he has business in e-commerce, insurance and consultancy. As an avid blockchain and cryptocurrency enthusiasts he believes in investing in the future of technology, and feels this is going to make the world a single marketplace and also give the power from centralized banks and governments back to people.