7/15, 8:07 PM (Source: TeleTrader)
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Mnuchin: Digital assets must comply with all rules

The United States supports "responsible innovation" which improve efficiency of the financial system and expand access to services but digital asset service providers won't be allowed to "operate in the shadows," Secretary of the Treasury Steve Mnuchin said on Monday. Speaking in the White House, he expressed concern about "illicit activities" registered with regard to cryptocurrencies such as Bitcoin and highlighted the plan by Facebook Inc. and its 27 partners to establish Libra. All projects must implement the same safeguards and comply with the same rules as "traditional financial institutions," in his words.

The administration "takes very seriously the role of the dollar as the world's reserve currency," Mnuchin added. He cited cases of money laundering and financing terrorism and vowed to take action. The emerging sector is "a national security issue" as cryptocurrencies have been used in cybercrime, tax evasion, human trafficking and extortion, the Treasury secretary stressed.

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