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The U.S. Treasury meets with cryptocurrency leaders to discuss regulation in emerging industry

    Steven Mnuchin feels no need to issue digital dollars

    The United States Treasury Department held a meeting yesterday to discuss the challenges of regulating the digital asset space.

    The leaders in the crypto industry and compliance experts have join Discussion session to discuss how to prevent cryptocurrency from being abused by money launderers, financial crisis and other bad actors.

    The US Treasury said it would not tolerate the use of cryptocurrencies to support illegal activities.

    Just yesterday, the Ministry of Finance's Office of Foreign Assets Control (OFAC) sanctioned two Chinese nationals – Tian Yinyin and Li Jiadong, for alleged money laundering in connection with the hack of the crypto exchange. worth millions of dollars OFAC also added 20 Bitcoin wallet addresses to its punishment list, all related to Tian and Li.

    “The United States welcomes responsible innovation, including new technology that can improve the efficiency of the financial system,” said Steven Mnuchin, Treasury Secretary. “We must ensure that we can balance innovation with the need to protect national security and maintain the integrity of the financial system.”

    Mnuchin has emphasized on removing bad actors from the cryptocurrency space. He once described it as a “national security issue”. Mnuchin also said at the time that it was necessary to have “very, very strong” regulations to ensure that cryptocurrencies did not grow like anonymous Swiss bank accounts, “which is clearly a risk. for the financial system. "

    Last month, US President Donald Trump's 2020 budget also proposed transferring the U.S. Secret Service back to the Treasury Department to help fight cryptocurrency crimes. If this proposal is adopted, the Treasury could gain more oversight authority over the cryptocurrency space.

    In a separate news, the Internal Revenue Service is also hosting a summit today in Washington, D.C. to discuss tax issues around cryptocurrencies. The conference will have 4 90-minute topics related to technology updates, tax issues for cryptocurrency exchanges, tax preparation, and regulatory compliance.

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    According to The Block
    Translated by ToiYeuBitcoin

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