AH Ha!! So, now we know at least ONE of the fears the US government (or any global government for that matter) has about bitcoin. The cryptocurrency could (duh) become like a "Swiss Bank Account" for avoiding taxes and secrecy. Ya think? Think of having a private bank in your electronic wallet on your smart phone? Yeah that's why central banks are nervous and afraid. They have NO CONTROL? So if you are a central banker what do you do? Trash talk bitcoin, sabre rattle and threaten regulations, say bitcoin causes cancer, etc............OR, well they have no answer. The genie is out of the bottle. Watch out fiat currencies.
(Bill Taylor/CEO)
"Bitcoin’s explosive growth is dramatically disrupting the monetary and banking system to such an extent that banking and government authorities are sounding the alarm. In effect, the chief of the U.S. Treasury now fears that Bitcoin will become like a “Swiss Bank Account.”
Bitcoin Defies the Banking System
Bitcoin lets you have your private bank in your electronic wallet. As a result, Bitcoin will eventually render the fiat monetary and banking system obsolete. Hence, U.S. Treasury Secretary Steven Mnuchin’s concerns might be justified. Now, Mnuchin is warning against Bitcoin becoming the next “Swiss bank account
For example, Mnuchin believes that anonymous financial transactions should be prevented. In this regard, according to Bloomberg, Mnuchin said:
"We can track those activities. The rest of the world doesn’t have that, so one of the things we will be working very closely with the G-20 is making sure that this doesn’t become the Swiss bank account."
As Secretary of the Treasury, Mnuchin is the principal economic advisor to the U.S. President and plays a critical role in policy-making. His duties involve bringing an economic and government financial policy perspective to issues facing the U.S. government.
Bloomberg reports that Steven Mnuchin said that he would work with the G20 countries “to prevent cryptocurrencies such as bitcoin from becoming the digital equivalent of an anonymous Swiss bank account.”...