Former US Treasury Secretary Mnuchin Says His Mind On Bitcoin Has Moved – Regulating Bitcoin News

Former US Treasury Secretary Steven Mnuchin says his stance on Bitcoin has “evolved a little”. While personally he doesn’t want Bitcoin in his portfolio, he says that if people want to buy the cryptocurrency, “that’s perfectly fine”.

Mnuchin says it’s “perfectly fine” for people to want to buy bitcoin

Former Treasury Secretary Steven Mnuchin spoke about Bitcoin, cybersecurity and the US economy in an interview with CNBC on Wednesday. He was asked if his stance on Bitcoin has evolved since his last media interview when he was Treasury Secretary. At the time, Mnuchin rejected the cryptocurrency, stating that it had no inherent value.

Since then, more and more large corporations and prominent traders have jumped into Bitcoin. Large investment banks like Goldman Sachs, Morgan Stanley and Citigroup have either started or are about to offer crypto products or services to their customers.

Regarding whether his stance on Bitcoin has evolved, Mnuchin said:

I think my view has evolved a little, but it’s pretty consistent … If people want to buy bitcoin as a replacement, no different from buying gold or any other asset, that’s fine. Personally, I don’t want it in my portfolio, but if people want it, that’s perfectly fine.

The former Treasury Secretary added, “The underlying technology behind the blockchain is pretty incredible,” noting that there are many applications that use it.

Regarding Bitcoin and other crypto assets, Mnuchin stressed the importance of ensuring that they are regulatory compliant, including compliance with banking secrecy (BSA).

Noting that the Office of the Comptroller of the Currency (OCC) had approved banks under the Trump administration last year to offer cryptocurrency custody services, he stated:

The reason for this was that we wanted to make sure this got into the regulated world … and it should be fully BSA compliant.

What do you think of Mnuchin’s comments on Bitcoin? Let us know in the comment section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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