Manifesting the volatile fluctuations in the crypto market, in addition to the crypto enthusiasts and investors, Bitcoin has been capturing the attention of the U.S. officials. The treasury secretary, Steven Mnuchin, this time has remarked that Bitcoin money laundering is quite frequent and that Bitcoin has been extensively used in illicit activities. While in a press conference, Steven had unleashed criticism on Bitcoin. He suggested that severe regulations will be devised to ensure that Bitcoin doesn’t become “the equivalent of Swiss-numbered bank accounts” and that Bitcoin money laundering can be checked. In other words, he meant to say that Bitcoin’s secretive use in illicit activities was not tolerable at all no matter what. In a recent interview, he has even stated that the cash was laundered less than the world’s largest Cryptocurrency by the market cap.
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At the briefing, he continued that the illegal transactions of billions of dollars were sone with the help of various other Cryptocurrencies including Bitcoin. Adding to that, he has also mentioned that the Swiss bank accounts also possessed a great risk to the financial system of the United States. He has also explained that the Swiss Banks offered great extents of privacy and secrecy to their clients and while doing so, the banks allowed several potential malicious actors to avoid taxation and as well as carry out their illegal activities under the belt avoiding the governments. Later, he had linked Bitcoin with the accounts and ended up saying that alike Swiss accounts, it permitted Bitcoin and easy way out to those malicious actors thus resulting in Bitcoin money laundering. The secretary on the other hand in this interview has clarified that the situation with the cash was totally different than the situation with Bitcoin. The host has argued that the cash or the fiat currency is laundered in every second but still did not experience a harsh treatment as Bitcoin did. Mnuchin, to this, has denied stating that the U.S. had the strongest Bitcoin anti-money laundering system to deal with the bad actors in the U.S. Dollar daily.
It can also be stated that this is not the very first time that the U.S> official has shown their dislike towards one of the Cryptocurrencies, Bitcoin. Off late, the president of the United States, Donald Trump has bashed Bitcoin and the other cryptos while stating that they were not the actual money. On the further expression of his thoughts, he said that these crypto-assets were not backed by any commodity and he stated that Bitcoin and altcoins were highly volatile. Depending on this, the unregulated Bitcoin and other Cryptocurrencies welcomed illegal activities like the drug trade. Regarding the same, his words were:
It has been recorded that the Bitcoin have been playing with the sentiments of the investors for the past couple of days. While going through several rise and fall, the largest decentralized Cryptocurrency by the market cap has been subjected to severe criticism from several U.S. officials due to the volatility in Bitcoin price. Nevertheless, there are definitely some people who have successfully managed to retain their bullish thoughts for Bitcoin and as well as Bitcoin money laundering. Amongst the many U.S. officials, U.S. representative Patrick McHenry has revealed his take on Bitcoin‘s indestructible nature while at the same time openly showing his belief for Bitcoin, McHenry has said:
Finally, it can be concluded that the volatility and the illegal practices of Bitcoin (meaning Bitcoin money laundering) continue to be problematic for the majority of people, therefore, permitting people to lash out Cryptocurrencies openly. While due volatility and uncertainty associated with Bitcoin according to the media hype have been experienced, illegal use of the digital asset is expected to keep damaging the crypto space over time. However, no matter how corrosive response Bitcoin experiences, the survival of Bitcoin is not dependent on any sentiments.
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