Bitcoin’s explosive growth is dramatically disrupting the monetary and banking system to such an extent that banking and government authorities are sounding the alarm. In effect, the chief of the U.S. Treasury now fears that Bitcoin will become like a “Swiss Bank Account.”
Bitcoin Defies the Banking System
Bitcoin lets you have your private bank in your electronic wallet. As a result, Bitcoin will eventually render the fiat monetary and banking system obsolete.& Hence, U.S. Treasury Secretary Steven Mnuchin’s concerns might be justified. Now, Mnuchin is warning against Bitcoin becoming the next “Swiss bank account.”
Sec. Mnuchin reports to #EconClubDC that @USTreasury is very focused on #cryptocurrency. His biggest concerns: making sure “bad people cannot use currencies for bad things,” as well as the speculation surrounding these currencies.
— The Economic Club (@TheEconomicClub) January 12, 2018
For example, Mnuchin believes that anonymous financial transactions should be prevented. In this regard, according to Bloomberg, Mnuchin said:
We can track those activities. The rest of the world doesn’t have that, so one of the things we will be working very closely with the G-20 is making sure that this …
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