Nations Considering Digitizing Their Currencies.

The more popular cryptocurrencies become, the more they will catch the eye of national governments.  There is always concern about money laundering — and even having a country’s own fiat currency being replaced by something that is much much better.  The following article by Ross Jackson that recently appeared in Coinlib has some thoughts on this…

Trump Pushing Department of Justice & Fed to Reign in Cryptocurrency

Tensions with Iran may be behind U.S. Treasury Secretary Steven Mnuchin’s cryptocurrency compliance comments on Wednesday. (CoinDesk – Leigh Cuen).

The New York Times said that the Trump administration “has expressed growing concern” that this technology is being used to “evade American sanctions on countries like Iran.”

Iran Bitcoin Worries

U.S. Treasury Secretary Steven Mnuchin foreshadowed the Trump administration’s plans for greater surveillance of cryptocurrency users during his testimony before the Senate Finance Committee on Wednesday. He noted that cryptocurrency was a “crucial area” for the Treasury Department to examine, and said:

“We are working with FinCEN and we will be rolling out new regulations to be very clear on greater transparency so that law enforcement can see where the money is going and that this isn’t used for money laundering.”

Law Enforcement

Law enforcement has long been interested in having access to financial records during investigations. But law enforcement access isn’t the only value, let alone the most important value, regulators need to solve for. There are already laws that regulate financial institutions that hold and exchange funds including cryptocurrencies for consumers and offer pathways for law enforcement seeking to learn about transactions.

Mnuchin’s Comments

Mnuchin’s comments come days after the Trump administration proposed increasing the Treasury Department’s 2021 budget for cryptocurrency oversight. In 2019 alone, various U.S. government agencies spent $5 million on blockchain analytics services from Chainalysis.

Jerome Powell – Fed Reserve

Jerome Powell, the chairman of the Federal Reserve, recently spoke on the leading of cryptocurrency.

After the congressmen Bill Foster raised his worries in keeping up with the digital currency dreams of China, the cryptocurrency markets took a surge skywards.

Jerome Powell, the chairman of the Federal Reserve, recently spoke on the leading of cryptocurrency in a recent testimony as he said BTC/USD jumped 4% to $10,200.

Powell was crystal clear on his thoughts when it came to the integration of Facebook’s upcoming crypto project, Libra, which had been a game-changer in the financial space.

When one of the most powerful men in the financial industry becomes aware of the speed and scale bitcoin can utilize to take over, or affect the dollar, it shouldn’t come as a surprise to many as to why it went for the sky.

Fed Nominee

Judy Shelton, the current nominee to the Federal Reserve Board, told lawmakers that digitizing the U.S. dollar could help maintain the currency’s ascendancy in global commerce. Her comments come at a time when digital currency initiatives by China’s central bank and the Facebook-spawned Libra Association have spurred the U.S. and other Western nations to seriously consider launching their own electronic monies.

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