WASHINGTON — Treasury Secretary Steven Mnuchin said on Monday that he has “very serious concerns” about cryptocurrencies, including the one being developed by Facebook, the latest indication that Washington is preparing to exert its power over digital currencies. In a briefing at the White House, Mr. Mnuchin said cryptocurrencies pose a national security threat because they can be used to fund illicit activities. He also said that the Trump administration was “not comfortable” with Facebook’s plans to begin a digital payment system, called Libra. The Trump administration has said little about cryptocurrencies in the past two years, despite their growing popularity. Mr. Mnuchin has largely described the new technology for creating, moving and storing money as a potential consumer protection issue rather than a threat to the financial system.

Source: New York Times July 15, 2019 23:15 UTC