Moneymoney

Fri Jan 12, 2018, 12:44 PM

Mnuchin Warns Against Bitcoin Becoming the Next Swiss Bank Account

•U.S. Treasury chief warns against a new ‘Swiss bank account’
•No concern about Russia’s use of virtual money: Mnuchin

By Saleha Mohsin
January 12, 2018, 9:56 AM EST Updated on January 12, 2018, 11:01 AM EST

U.S. Treasury Secretary Steven Mnuchin said he will work with the Group of 20 nations to prevent cryptocurrencies such as bitcoin from becoming the digital equivalent of an anonymous Swiss bank account.

Speaking to the Economic Club of Washington on Friday, he said wants to ensure “bad people cannot use these currencies to do bad things.”

Under U.S. law, “if you have a wallet to own bitcoins, that company has the same obligation as a bank to know” you as a customer, Mnuchin said. “We can track those activities. The rest of the world doesn’t have that, so one of the things we will be working very closely with the G-20 is making sure that this doesn’t become the Swiss bank account.”

Mnuchin said U.S. authorities, including the Federal Reserve, were studying the pros and cons of issuing digital dollars instead of hard cash, but “the Fed and we don’t think there’s any need for that at this point.”

more...

https://www.bloomberg.com/news/articles/2018-01-12/mnuchin-warns-against-bitcoin-becoming-next-swiss-bank-account

Uh-oh. The money-changers are getting squeezed out...

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Reply Mnuchin Warns Against Bitcoin Becoming the Next Swiss Bank Account (Original post)
RCW2014 Jan 12 OP
quad489 Jan 12 #1
oflguy Jan 14 #2

Response to RCW2014 (Original post)

Fri Jan 12, 2018, 01:36 PM

1. ''we dont think theres any need for that at this point''...so the end game has been told.

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Response to RCW2014 (Original post)

Sun Jan 14, 2018, 11:53 AM

2. What is the price of scrap copper selling for these days?

That is what they are worth, an ounce of scrap copper, and junkyards buy scrap copper by the pound, not ounce.

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