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Consumer Law

US Concerned Over Misuse Of Facebook Cryptocurrency

Treasury Secretary Mnuchin said Facebook’s planned digital currency “could be misused by money launderers and terrorist financiers” and that it was a “national security issue.” He went on to say, “Cryptocurrencies such as bitcoin have been exploited to support billions of dollars of illicit activity like cyber crime, tax evasion, extortion, ransomware, illicit drugs and human trafficking”

The press conference comes days after President Donald Trump said in a tweet that he was “not a fan” of cryptocurrencies like bitcoin. He also suggested Facebook, which plans on launching the global cryptocurrency next year, would need a bank charter to do so. Bitcoin dropped sharply on Monday following the president’s criticism on Twitter.

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