Steven Mnuchin, Treasury U.S Secretary says that he is merely concerned about illegally use of Bitcoin.
Mnuchin stated in a Yahoo Finance interview, the situation must be carefully examined. Since it has to ensure that Bitcoin is not use for illegal transfer of funds.
“It’s something we are looking at very carefully and will continue to look at. The first issue and the most important issue is to make sure that people can’t use bitcoin for illicit activities. So, we want to make sure that you don’t have the dark web funded in bitcoins. And that’s something that is a concern of ours today”.
He indicated that though the Treasury will not specify a timetable for the declaration of an official position on digital currency. As it is to govern this emerging asset class, the firm started working with the groups. However, which are actively looking to use Bitcoin.
Nowadays, the US Treasury regulatory agencies are beginning take an active role in regulating the cryptocurrency markets. The SEC openly stated its concerns regarding ICOs. Likewise, it has also warned celebrity authorizations are illegal in several cases.
Furthermore, a report reveals that to track down and identify bitcoin tax cheats, the firm has paid thousands of dollar for Blockchain tracing firm. Since, Internal Revenue Service (IRS) has sued Coinbase, a bitcoin exchange for attempting the company to provide customer information as to prosecute illegal Bitcoin tax.