The Secretary of the US Treasury held a press conference to address the concerns around the popularity of cryptocurrencies, especially Bitcoin and Libra. Since Facebook’s announcement of Libra, many regulating and statutory bodies in the US have come out and expressed their doubts.
Secretary Steven Mnuchin issued the address as an emergency announcement on cryptocurrencies. The highlight of the speech was primarily security concerns around the illicit use of cryptocurrencies. These include money laundering, trafficking, and terrorist financing.
Nevertheless, he seemed comfortable with the prospects of it being used as a speculative instrument. He said,
’m not speaking on the investment merits of bitcoin, and using it for speculation. I am speaking on stopping the illicit financial activity.
Although it was an emergency speech that made many traders apprehensive at the moment. However, the market has gained about $750 since then. The price of Bitcoin at 3: 45 hours UTC on 16th July 2019 is $10786. It was trading around $10,200 before the announcement and touched a 12-hour high around $11,050. Read More at Coingape...