Ex-Secretary of the US Treasury, Steven Mnuchin, reveals that his viewpoint regarding Bitcoin has evolved over time. He says that though he has no liking at all for Bitcoin if people are willing to have it then he is okay with it and so do others.
Steven Mnuchin being associated with the US Treasury in the capacity of its Secretary had a successful time there. He is still consulted with for seeking his advice on the issues concerning the national policies.
On the 14th of July, 2021, he was interviewed by CNBC where he elaborated his viewpoints regarding crypto, cybercrimes, and the national economy. During his talk with the news agency, he revealed that he had seen the time-evolving and so do his opinion regarding the lead crypto. He told that he never liked Bitcoin at all but he never insisted upon others to agree to his opinion.
Mnuchin said that when he was the Treasury Secretary, he was obligated to comment on the growing popularity of digital assets. He pointed out that to him, Bitcoin was and still is fundamentally and characteristically flawed. However, the changed view of him is that if people are willing to have it, then let them be as they want. It is in fact the choice of the people to decide what is beneficial for them or not. No one should be allowed to decide on somebody else’s behalf, said, Mnuchin.
He further explained that Bitcoin has, on its own, earned a place amongst the institutional sector, traders, investors, and businessmen. Evidently, the banks in the US and in the entire world are trying to adopt Bitcoin. He specifically made mention of the banks’ names such as Citigroup, Goldman Sachs, and Morgan Stanley. He then said that all three banks are America’s lead banks and that they have already launched crypto services and products.
Mnuchin further apprised that because of these reasons his viewpoint regarding Bitcoin was changed – not completely but slightly. He argued that every tradable thing is either slightly or highly speculative. However, speculation cannot be the basis of forcing people to keep them away from such trades. But to him, the major issue with Bitcoin or the entire crypto assets is their use as a vehicle of promoting a culture of crimes. He was talking about the particular use of crypto giving rise to money laundering and cybercrimes.
Apparently, there is a better solution to prevent such crimes, said Mnuchin. The way forward is the devising of a mechanism for the regulation of crypto assets, advised Mnuchin. He agreed that by providing for the regulation, there will be two-fold benefits. The first benefit is that people would still be able to maintain their interests in crypto. Secondly, Governments would be able to regulate crypto and simultaneously combat crimes of serious nature such as money laundering and cybercrimes.