Washington: We will not allow electronic currency to repeat the era of Swiss accounts

Washington: We will not allow electronic currency to repeat the era of Swiss accounts



01/13/2018

Economy News _ Baghdad

The US Treasury Department has confirmed that the administration of US President Donald Trump is focusing on electronic currencies and is working in particular to ensure that they are not used in bad business.

"The Treasury Department is working with its G-20 counterparts to make sure that electronic currencies will not become a recent version of Swiss bank accounts," Stephen Menuchin said during a discussion at the Washington Economic Club in a reference to illegal illegal activities.

The Treasury Secretary said he was also concerned about the vulnerability of consumers as a result of electronic currency trading, adding that there is a lot of speculation, and that he wants to make sure consumers are aware of these risks.

He denied any concerns that could arise over reports that Venezuela and Russia could take steps to create electronic currencies to avoid US sanctions.

He explained that the Treasury and the Federal Reserve do not believe there is a need for the US Central Bank to issue a "digital dollar".

The South Korean Justice Minister recently pointed to his country's work on a law to prevent the circulation of electronic currency, while several countries to block the public offerings of virtual currencies.

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