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AGI – Cryptocurreny Regulations 2020 and the Potential of Central Bank Digital Currency

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AGI – Cryptocurreny Regulations 2020 and the Potential of Central Bank Digital Currency

February 20
18:30 2020
US Treasury to Roll Out Regulations for Cryptocurrencies

AGI group believes in keeping in touch with the global landscape in improving the cryptocurrency industry on a whole. With these regulations, our management team hopes that new rules will improve transparency in hopes of stopping money laundering and other illegal activities.

The Trump administration plans to introduce regulations for cryptocurrencies that are intended to crack down on their use in facilitating money laundering and other illicit activities, Treasury Secretary Steven Mnuchin said on Wednesday.

Mr. Mnuchin told lawmakers that the regulations were being developed with other agencies and financial regulators to improve transparency surrounding digital currencies like Bitcoin. The administration has expressed growing concern over the use of such currencies to anonymously execute illegal transactions and potentially evade American sanctions on countries like Iran.

“We are about to roll out some significant new requirements,” Mr. Mnuchin said during a hearing before the Senate Finance Committee. “We want to make sure that technology moves forward; on the other hand, we want to make sure cryptocurrencies aren’t used for the equivalent of old Swiss secret number banking.”

Mr. Mnuchin did not provide details of what the regulations would entail. He said that they would provide greater transparency so that law enforcement could see where money was going and ensure that it was not being used to aid money laundering.

As part of his effort to more closely police cryptocurrencies, Mr. Mnuchin has been pushing to relocate the Secret Service back to the Treasury Department from the Department of Homeland Security. In the budget proposal the White House released this week, the administration cited the importance of the Treasury Department and Secret Service working together to monitor the use of cryptocurrencies, which it cited as “an emerging threat.”

The United States is also exploring the costs and benefits of developing its own digital currency. While Mr. Mnuchin said on Wednesday that he did not believe one was necessary in the next several years, Jerome H. Powell, the chair of the Federal Reserve, said at a separate Senate hearing that the central bank had been studying what one would look like.

“The benefits would include perhaps greater financial inclusion, lower costs, more convenience,” Mr. Powell said, noting that there would also be a risk for more fraud and reduced privacy. “There’s a lot to weigh and a lot to work on there. Every major central bank in the world right now is doing a deep dive into digital currencies, and we think it is our responsibility to be at the very forefront of knowledge and thinking about a central bank digital currency.”

Media Contact
Company Name: AGI Group Limited
Contact Person: Mr Matthew Earl
Email: Send Email
Country: United Kingdom
Website: http://theagigroup.com

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