Given Bitcoin’s newly found fame across the globe, President Trump’s Treasury Secretary, Steve Mnuchin, has officially confirmed that the U.S. government has been looking into the plausibility of cryptocurrency in America. While there has not a specific timetable released yet, Mnuchin has shared a few issues that the U.S. Treasury is debating on. The most pertinent issue lies within the currency’s role in illicit activities. The unregulated nature of the currency has made it easy for many to transfer large sums of money without any government having a direct influence or measures to monitor such transactions. As such, it is heavily implied by Mnuchin that there will eventually be government regulations put into place with regards to the use of cryptocurrency in America. It will be interesting to see just what kind of regulation will be adopted, and how that will affect just about every aspect of cryptocurrency usage in the U.S.
This debate is precisely the reason why the concept of cryptocurrency has been the subject of skepticism. I suppose that bitcoin was created as a way to "rebel" from the current financial market because some uses of it are "corrupt" and do not serve the public as well as cryptocurrencies would.
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