US Treasury Says New Conditions on Cryptocurrency on the Way

News / 13.02.2020

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.

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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.