The U.S. Treasury Department reportedly met with industry leaders yesterday to discuss how to prevent the use of cryptocurrencies for illegal purposes.
The U.S. Treasury Department held a meeting yesterday to discuss challenges with regulations on digital assets.
According to the news in The Block, crypto industry leaders and regulators attended the meeting, discussing how to prevent cryptocurrencies from being used for money laundering, terrorism financing and other bad practices.
Treasury officials stated that no tolerance will be imposed on the illegal use of cryptocurrencies.
Just yesterday, the Treasury Department’s Foreign Assets Control Office OFAC sentenced two Chinese people, Tian Yinyin and Li Jiadong, to break the law for their role in money laundering after a hacking of millions of dollars of cryptocurrency exchanges.
“The US is open to all reliable innovations, including new technologies, that will add efficiency to the financial system,” said Treasury Secretary Steven Mnuchin. However, in order to ensure the unity of the national security and the financial system, we must absolutely balance the innovations with these. ”
Mnuchin seems determined to keep the bad actors out of the crypto world. In fact, it even considered this issue as a national security issue. Mnuchin also said that there is a need for serious regulations on cryptocurrency because, as with Swiss banks, not knowing who the money holders are is a risk to the financial system.
Last month, President Donald Trump’s 2021 budget issues also discussed the reconnection of the US Secret Service to the Treasury to combat cryptocurrency-related crime. If this offer is accepted, the control power of the Treasury Department in the cryptocurrency world will be much more.
Meanwhile, the National Revenue Service (IRS) executives are also coming together in Washington today to discuss and discuss the taxation of crypto-related revenues. The summit will consist of 4 parts of 90 minutes and will include developments in technology, difficulties in crypto exchanges taxation, tax refund and regulations.