Receive all Bitcoinist news in Telegram! 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. Bank to bitcoin effect, the chief of the U. As a result, Bitcoin will eventually render the fiat monetary and banking system obsolete.
Treasury Secretary Steven Mnuchin’s concerns might be justified. For example, Mnuchin believes that anonymous financial transactions should be prevented. 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. 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. The Economic Club of Washington, D.
Mnuchin was sworn in as Secretary of the Treasury on February 13, 2017. Before his confirmation, Mnuchin was Finance Chairman for Donald Trump’ Donald Trump for President and Senior Economic Advisor to the President. As such, Mnuchin crafted Trump’s economic positions and economic speeches. Bitcoin Will be The Focus of the G20Secretary Mnuchin is echoing his French counterpart.
Indeed, the French government has already requested a debate about regulating Bitcoin at the upcoming G20 summit. The G20 will meet in Argentina this year. The G20 includes the governments and central bank chiefs of the world’s significant economies: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States, and the European Union. On December 17, 2017, French Finance Minister Bruno Le Maire declared that he was going to ask the President of Argentina Mauricio Macri if G20 member countries could discuss regulating Bitcoin. There is evidently a risk of speculation. G20 members we can regulate bitcoin. As Bitcoin expands, bankers and governments will increasingly get worried and call for stricter regulations.