Treasury Secretary Steven T. Mnuchin joined a parade of policymakers and politicians who have bashed Facebook's proposed cryptocurrency.
Treasury Secretary Steven Mnuchin said he is concerned about Facebook’s proposed cryptocurrency.
“This is indeed a national security issue,” Mnuchin said in a briefing for reporters at the White House. “We will not allow digital asset service providers to operate in the shadows.” In prepared remarks he plans to present before the Senate panel, the top Facebook executive working on Libra, David Marcus, went further than the company has previously to try to assuage policymakers’ concerns that the coin could be a threat to the financial system.
“Bitcoin is highly volatile and based on thin air,” Mnuchin said. “We are concerned about the speculative nature of bitcoin and will make sure that the U.S. financial system is protected from fraud.”Mnuchin said he would address the issue with the finance ministers from other major global economies at a Group of Seven summit in France this week. He has discussed the issue “extensively” with Fed chief Powell, he said.
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