Treasury Secretary plans to discuss cryptocurrency regulation at G20 summit
US Treasury Secretary Steven Mnuchin said he plans to raise the issue of cryptocurrency regulation at the G20 summit, which will be held in March in Argentina.
According to NHK, on Tuesday at a meeting of the US Senate Banking Committee, Mnuchin said that he did not believe that cryptocurrencies were a “threat” to the stability of the financial market, but was concerned about the use of cryptocurrencies for money laundering and other criminal activities..
If this discussion eventually takes place, it will not be the first time that cryptocurrencies have been discussed at a major international summit. In 2015, a similar discussion took place at the G7 meeting – the summit of countries that are among the world’s largest economies.
This time, Mnuchin is not the only one looking for such a discussion. In December last year, French Finance Minister Bruno Le Maire made a similar statement, but he considers the risk of market speculation to be the main problem of cryptocurrencies..
A few weeks ago, Mnuchin said that US financial regulators are forming a working group on digital currencies: its activities will focus on researching an emerging market.
“We are very focused on cryptocurrencies,” he said and added that the task of regulators is to ensure that cryptocurrencies are not used for bad purposes..
In addition, on February 6, 2018, the Treasury will hold a hearing on virtual currencies as well as the supervisory role of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). SEC Chairman Jay Clayton and CFTC Chairman J. Christopher Giancarlo will testify at this “open meeting”.
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