US Secretary of the Treasury against bitcoin
US Secretary of the Treasury against bitcoin
Bitcoin

US Secretary of the Treasury against bitcoin

By Alfredo de Candia - 30 Dec 2019

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In a recent interview, US Secretary of the Treasury, Steven Mnuchin, said he agreed with the doubts and concerns of US President Donald Trump about cryptocurrencies and bitcoin in particular. 

During the interview, the Secretary said that bitcoin is used exclusively for illicit uses and that, compared to cash, it lends itself well to this type of purpose. An extremely pessimistic and inaccurate view of bitcoin and crypto in general.

Unfortunately, the bad reputation of bitcoin is probably due to the renowned Silk Road platform, founded in 2011 and now closed, which was used to buy and sell illegal goods.

The situation has developed over time. Taking into account the difficulty of home mining, it is easier to buy bitcoin than to mine them and this requires an entry point represented by the various services and exchanges that allow buying crypto through bank transfer or credit card. 

Clearly, the use of these centralised platforms involves the need to provide all the relevant personal details, seeing that all platforms have had to incorporate forms of KYC (Know Your Customer) and AML (Anti Money Laundering).

Therefore, it is obvious that now, since everything is traced and also often public and not anonymous, there are no more arguments that can be used to identify bitcoin as the currency of criminals.

Furthermore, various studies have verified that bitcoin is not the preferred method for criminals to money-launder and that the American dollar beats it by far in the form of cash.

That being said, the fact that Steven Mnuchin, as Secretary of the Treasury, as well as President Trump, are so concerned about the use of the dollar, of which they are the custodians and on which the strength of the US is based, is also normal.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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