US Treasury Says New Conditions on Cryptocurrency on the Way
Even since their launch, Cryptocurrencies are the conversation in most U.S. minds. Well, notwithstanding the crypto community’s very own Andrew Yang’s failure to clinch the Democratic Party’s presidential ticket. The number of firms and patents in the US related to cryptos and blockchain technology keeps on going through the roof. These two factors make Cryptos a hot economic as well as a political topic.
Query At The Senate
The US President, Donald J. Trump proposed a $4.8 trillion for 2020, which went through a senate hearing on the 12th of February 2020. While defending it during the hearing, the US Senator Maggie Hassan (D-NH) questioned the proposal with respect to cryptocurrencies. The Senator inquired as to how it could be increased to help investigate malpractice in cryptocurrency transactions. The aim was to enable the prosecution of terrorists and criminal organizations that fund illegal activities using Cryptos.
Treasury Response
In light of the query, an on-camera response by the U.S. secretary of the Treasury, Steven Mnuchin showed the treasury’s strategy regarding the issue. The announcement states that it about to implement some “remarkable new requirements” at the Financial Crimes Enforcement Network (FinCEN). The secretary added that while the agency desires a technological advancement, it is imperative that cryptos aren’t “utilized for something similar to the old Swiss secret number bank accounts.”
Way Foward
There are reports hinting at increasing interest by U.S. military contractors towards the support of blockchain adopting enterprises. Even the Federal Reserve is musing on the possibility of digital currencies.
The Treasury’s position in turn does hint at an increase in Crypto transparency with cryptocurrency in a bid to counter money laundering.
by Kyle Akihiko
by Kyle Akihiko
by Olowoporoku Adeniyi