Officials in the U.S. Treasury are “aggressively” pursuing virtual currency platforms abroad that lack strong internal safeguards against money laundering, Reuters reported.
Sigal Mandelker, the U.S. Treasury Department’s undersecretary for terrorism and financial crimes, told the Senate Banking Committee that the U.S. was pursuing cryptocurrency exchanges even if they are located overseas, showing that the U.S. is indeed just a big bully attempting to push its policies in foreign countries.
“The real vulnerability that we all have to address is that while we have regulatory authorities in place here in the United States and we do enforce those … we need other countries to do the same,” Mandelker told the committee’s hearing on U.S. anti-money laundering laws.
As Coinivore reported in early November, U.S. Treasury Secretary, Steven Mnuchin stated the department was actively looking into and watching Bitcoin.
“We Are Looking Very Carefully And Will Continue To Look At Bitcoin,” Mnuchin said.
Shortly before that one month prior the U.S’s other financial regulation arm the Securities and Exchange Commission (SEC) announced the creation of a “Cyber Unit” to combat online threats and “protect retail investors” in cryptocurrency.
However, the government is split between cryptocurrency regulations as St. Louis Federal Reserve board members and lawmakers support mainstream adoption of cryptocurrencies stating they’re “well suited to become an important asset class.”
The board’s members Aleksander Berentsen and Fabian Schär outlined many core mechanisms about the development of Bitcoin, stating Satoshi Nakamoto’s intention to “develop a cash-like payment system that permitted electronic transactions but that also included many of the advantageous characteristics of physical cash.” The authors further stated that Bitcoin was designed to allow the electronic transfer of value through the circulation of data files – allowing Bitcoin to “retain the advantages of physical cash,” while still being able to be distributed freely via “electronic networks.”
Berentsen and Schär express that “the true potential of blockchain technology will become apparent” only once distributed ledger technology attains general adoption, which the authors anticipate may take “many years, or possibly decades.” The two authors conclude that no one can predict the industries in which Bitcoin and blockchain technology will have the greatest impact – however, the article emphasizes the shift in economic structure and embracing blockchain and cryptocurrency.
The U.S. Department of Veterans Affairs (VA) also recently expressed interest in using blockchain in the search for use cases to find the appropriate technology to solve the department’s problems.
“We really would be looking to industry to surface use cases for us … I think we’re going to be coming to industry with problems we have, and if you think blockchain is an appropriate solution, bring it to us,” VA’s chief technology officer Charles Worthington, said, speaking at a panel on Tuesday, GovernmentCIO Magazine, reported.
It’s worth noting, that just one month ago Coinivore reported that the European Union was also in the process of developing regulations for financial institutions in guise of preventing “terrorist financing” calling for international regulations where wallet providers have to identify their users.
What the governments of the world don’t realize and they haven’t figured out, cryptocurrency is wealth outside of their slave system and is building a whole new market outside of their matrix using computer code that isn’t backed by debt, poverty and commodities. Instead, it’s a new currency market backed by Financial Technology, community and use cases such as crypto social networks like onG.Social and Steemit or searching the Internet with Presearch. The overall power of the blockchain allows developers to pay users in their utility token for using their service creating an incentive to use the platforms.
Bitcoin is currently trading at [FIAT: $11,524.00] according to Coin Market Cap at the time of this report.
Want an edge in the crypto markets? Subscribe to our free newsletter. Follow Coinivore on Facebook, at Twitter and Steemit.