July 16, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

US Treasury Secretary Steven Mnuchin on Monday evening gathered a press conference on the regulation cryptocurrency.

According to him, the Trump administration has “very serious doubts” about the Libra cryptocurrency presented by Facebook.

“This is really a matter of national security,” Mnuchin said. “We will not allow digital currency service providers to act in the shadows.”

According to Mnuchin, the Financial Crimes Enforcement Network (FinCEN) under the Ministry of Finance

“will set the highest standards to all those who carry out transactions in Bitcoin, Libra or any other cryptocurrency”.

He also criticized the cryptocurrency in general, thus supporting US President Donald Trump, who made the appropriate statement last week.

“Bitcoin is highly volatile and is based on emptiness. We are concerned about the speculative nature of Bitcoin and will do everything necessary to ensure that the US financial system is protected from fraud,” said the Minister of Finance.

In addition, Mnuchin said that he intends to discuss the problem voiced by him during the G-7 summit this week in France. “Spacious” discussions on this topic are already underway with Fed Chairman Jerome Powell, he added.

“With regard to Libra and other developments in the field of cryptocurrency, our highest goal is to maintain the integrity of the financial system and protect it from abuse,” said Mnuchin.

Earlier, The Verge, with reference to David Marcus, head of the cryptocurrency Facebook project, wrote that Libra will not be launched until the company “completely eliminates all doubts of the regulators.” According to Mnuchin, this may not happen soon.

“They and everyone else have a lot of work to do to satisfy us,” he said, noting that Facebook was “very frank with the administration.”

The Secretary of the Treasury also called the US President’s doubts about the implementation of banking functions by the companies using cryptocurrency “reasonable” and recommended investors to “be vigilant” when working with Bitcoin.

“There are many good things to invest. I have no idea why Bitcoin is traded where it is. I do not comment on whether it is high or low,” he said.

During the Mnuchin speech, the Bitcoin rose by $500.

Image credit: TradingView

Author: Marko Vidrih