US government forms working group focused on cryptocurrencies

posted about 1 year ago
US Treasury Secretary Steven Mnuchin said on Friday that the Financial Stability Oversight Council, a government body that assesses financial system risks, has formed a working group focused on cryptocurrencies.

Mnuchin remarked on the process during an appearance at The Economic Club in Washington, D.C. after being asked about the topic of bitcoin.

"We are very focused on cryptocurrencies," Mnuchin explained, pointing to discussions with other regulators within the U.S. government and later stating: "We want to make sure that bad people cannot use these currencies to do bad things."

Mnuchin added that the issue was one that the U.S. government would engage with the G-20 international group as well.

Mnuchin was asked if the Federal Reserve is likely to develop its own digital version of fiat currency.

"The Fed and I don't think there's a need for that at this point," Mnuchin said.
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