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U.S. Treasury Secretary - Bitcoin Will Be a New Generation of 'Swiss Bank Account'

The rapid development of bitcoin completely subverts the monetary and banking system, and its influence has even alarmed banks and government agencies. In fact, even heads of the U.S. Treasury Department are worried that Bitcoin will become a "Swiss bank account."

Bitcoin challenges the banking system

With Bitcoin, users can have private banks in their e-wallet. As a result, bitcoin will eventually be eliminated from the legal currency as well as the banking system. So the concerns of U.S. Secretary of the Treasury Steven Mnuchin are definitely the result. Mnuchin warned that Bitcoin will be the next generation of "Swiss bank accounts."

It is reported:

Mnuchin said the U.S. Treasury is closely watching cryptocurrencies. His goal is to ensure that "unintentional people can not do bad things with such currencies" and curb speculation in these currencies.

For example, Mnuchin believes anonymous financial transactions should be avoided.

We can track this type of activity. However, other countries do not yet have this capability. Therefore, when the G20 summit, all countries need to establish close cooperation so as to prevent them from becoming a Swiss bank account.

As Minister of Finance, Mnuchin is the chief economic advisor of the United States President and plays an important role in policy making. His job is to provide the U.S. government with economic and government financial policy.

According to Bloomberg News, Mnuchin will work with the G20 member states to prevent cryptocurrencies, such as bitcoin, from becoming anonymous Swiss bank accounts in digital form.

Bitcoin became the G20's hot topic

In the meantime, Mnuchin shares the same view as the French government. Earlier, the French government demanded a review of Bitcoin regulation at the next G20 summit .

In December last year, French Finance Minister Bruno Le Maire said he would call on the Argentine president to discuss bitcoin regulation at the summit.

Obviously there is speculative risk. We need research and consideration ... to discuss how to regulate Bitcoin with other G20 members.

As Bitcoin continues to grow in influence, bankers and governments are also increasingly worried and call for tight regulation. However, Bitcoin will continue to expand and maintain its anti-censorship capabilities.