US Secretary of State Wants BTC to be Regulated Like Other E-Transactions

By Luke Flowers - Crypto Broker

United States Secretary of State Mike Pompeo is pushing the activity of buying and selling Bitcoin (BTC) for purchases and services, to become regulated like other digital payment services.

On August 20 Pompeo, in his interview with Squawk Box, opened up about the risks of anonymous transactions associated with cryptocurrencies. Pompeo states they’ll make sure Bitcoin doesn’t become the equivalent to the historical Swiss numbered accounts that provided users with additional security. These were scrutinised by the banking community as a risk to the financial system in which many believe buying and selling Bitcoin could constitute a similar system.

CNBC host Joe Kernen brought up Bitcoin when talking about the geopolitical tensions and terrorism being experienced in the Middle East. Kernen reiterated a claim by Treasury Secretary Steven Mnuchin that money shouldn’t be used for any nefarious purposes. Many buy Bitcoin for this purpose due to its anonymity.

When asked to give his two cents on the matter, Pompeo agreed with Mnuchin’s statements to a degree in that he hopes crypto or anonymous transactions don’t become the norm as that “would decrease the security for the world.”

However, Pompeo does not agree with Mnuchin’s intentions by enforcing powerful regulations in the space. Instead, he would have BTC regulated in the same manner as other electronic financial transactions. This means the activity to buy and sell BTC would become completely regulated.

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