US Treasury Secretary Steven Mnuchin touched upon Bitcoin and Facebook’s Libra cryptocurrency in a Monday press conference, voicing concerns about the misuse of cryptos for money laundering and terrorist financing.
Bitcoin, Libra Represent a National Security Issue, Mnuchin Says
The cryptocurrency market turned bearish as Mnuchin mentioned the negative aspects of digital assets. His speech focused on Bitcoin and Facebook’s Libra. Specifically, the secretary said during a Monday press conference that Libra could be misused for criminal activities such as money laundering and terrorist financing.
Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human trafficking. Many players have attempted to use cryptocurrencies to fund their malign behavior
He even said that cryptocurrencies were a national security issue and that he wasn’t comfortable today with the launch of Libra.