U.S. Secretary of State Michael Pompeo stated cryptocurrencies should utilize the framework used to regulate traditional electronic financial transactions.
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“My sense is this: We should use the same framework that we use to regulate all other electronic financial transactions today,” stated Pompeo in an interview with CNBC’s Squawk Box on Tuesday.
“That’s essentially what these are. These are monies moving through markets, or in some case disintermediated transactions.”
The interview delved into a range of topics, including the recent Hong Kong protests and state-funded propaganda farms utilizing Facebook and Twitter.
Pompeo stated the pseudonymous aspect of cryptocurrencies lends itself to nefarious activities, such as funding terrorism and money laundering.
According to Pompeo, if private transactions became standard, it would “decrease the security for the world if that’s the direction we travel.”
Central banking “has helped keep the entire world secure and to fight terrorism and other nefarious activity, stated Pompeo.
“We need to preserve a financial system, a global financial system, that protects that.”
Nevertheless, Pompeo agreed with interviewers that almost all money laundering conducted today is done using fiat.
Pompeo has served as the 70th United States secretary of state since April 2018.
He is a former United States Army officer and was director of the Central Intelligence Agency from January 2017 until April 2018.