Steve Mnuchin: ‘We are Very Focused on Cryptocurrencies’

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U.S. Treasury Secretary Steven Mnuchin announced Friday the Financial Stability Oversight Council has developed a consortium centered around cryptocurrencies.

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“We are very focused on cryptocurrencies…We want to make sure that bad people cannot use these currencies to do bad things,” Mnuchin said.

Mnuchin later stated that U.S. government would work with the G-20 international group to tackle the task of regulating the technology.

“I want to make sure that consumers who are trading this understand the risks because I am concerned that consumers could get hurt,” Mnuchin said.

He also indicated that the Federal Reserve’s move to a digital version of fiat currency is doubtful at this time.

“The Fed and we don’t think there’s a need for that at this point,” Mnuchin said.

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