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Cryptocurrencies: New Requirements and Greater Acceptance?

Cryptocurrency is a hot topic for debate in the public sphere.  The number of companies and patents associated with it continue to skyrocket in the US market. Recently, the United States Senate discussed cryptocurrency during a hearing for the 2021 budget.

Plans to Monitor Cryptocurrency

During the hearing, a senator asked how the proposed Treasury budget would help control suspicious crypto transactions. He also asked how it would help prosecute terrorists and other criminal agencies who finance illegal activities with cryptocurrencies. To this, the Secretary of the Treasury replied that his department is about to deploy some significant “new requirements at FinCEN [Financial Crimes Enforcement Network.”

He added that the Treasury Department wants to ensure that the technology continues to develop. However, it also wants to ensure that cryptocurrencies are not used for the same purpose as old Swiss secret number bank accounts – to conceal stolen funds and to facilitate crime.

The goal is to ensure that the cryptocurrency sphere is safe and transparent, to prevent any money laundering and any other illegal activity.

There are many in the U.S. who support blockchain technology.  Many believe it to be the “next big thing” in technology. This gains expression in the growing acceptance of cryptocurrency, including among military contractors and the Federal Reserve.

 

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