US Treasury Secretary Steven Mnuchin believes that cash cannot be laundered like Bitcoin
US Treasury Secretary Steven Mnuchin was asked if cash can be easily laundered and used for illicit purposes like Bitcoin. He responded by saying that nefarious activities were not completed in cash.
Steven Mnuchin, United States Secretary of the Treasury
The minister recently commented that cash was not laundered or used for illicit activities, but Bitcoin certainly is.
The interview also included comments related to President Donald Trump, negative views on cryptocurrencies, in which Mnuchin shared similar concerns.
Before Bitcoin was born a decade ago, cash was the only option for illicit activities, certainly taking place. But Mnuchin still insists that cash is safe.
The Secretary of the Treasury saying “cash isn’t laundered” and “nefarious activities have not been successfully done with cash” while keeping a straight face.
Mindblowing. ? pic.twitter.com/gReW3pJzHL
— Rhythm (@Rhythmtrader) December 27, 2019
The argument that the new anti-money laundering (AML) policies have stopped these activities is laughable. No government control can guarantee that money should never be laundered or used for criminal activity.
Mnuchin’s comments indicate a general distrust of Bitcoin among legislators. Moreover, it seems that Mnuchin is not familiar with the security capabilities of Bitcoin. Coins offer little or no anonymity, with wallets most trackable and discoverable on the blockchain.
Mnuchin seems to be gunning for Bitcoin and other cryptocurrencies. A general distrust of new technology and a desire to control funds may be at the root of his comments. President Trump affectionately reflects a similar desire to control funds without interference.
Bitcoin, like cash, can be used negatively. However, to argue that cash is safe and Bitcoin is not a fundamental misunderstanding of both methods of the man running the US Treasury.
Mnuchin believes that cash is not washed like Bitcoin
As Mnuchin makes it clear that the Bitcoin vulnerability, the possibility of money laundering is the main reason that the Ministry of Finance strictly controls it. Joe Kernen questioned his views during an interview on Squawk Box on July 18.
Kernen argues that Bitcoin and other currencies currently capable of being used for nefarious activities could be a reason to ban them, noting that “cash is washed away all the time.” Mnuchin did not retreat from his position, answering that such a statement was incorrect.
The minister explained that the United States has the strongest anti-money laundering (AML) system in the world, adding that the government fights bad actors in US dollars every day to protect the US financial system.
After the interview, Kernen expressed irony about Mnuchin’s idea, that cash was not laundered at all times, but the government was fighting illegal activities in its system.
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