Treasury Secretary Steven Mnuchin wants to make sure cryptocurrencies can’t be used like Swiss bank accounts. “We want to make sure that bad people cannot use these currencies to do bad things,” he said Friday at an event hosted by the Economic Club of Washington.
He added the U.S. is working with world leaders in the G-20 on “making sure that this doesn’t become the Swiss numbered bank accounts.” The firms that offer bitcoin owners digital wallets to store them are subject to the same rules that require banks to confirm customer identities, he said.
And the U.S. has money laundering rules. “We can track those activities.
The rest of the world doesn’t have that.” Swiss bank accounts became famous because of the country’s strict privacy rules, and they had a storied history as a haven for people dodging tax authorities, but that advantage has ended in recent years.
Bitcoin, as well, was once a favored payment method on the Dark Web, an underground economy where drugs and stolen identities are bought and sold. But law enforcement has gotten better at tracking bitcoin activity, and criminals have moved on to other digital currencies. Read more from cnbc.com…
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