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US Treasury Department investigates illegal use of bitcoin

Secretary of the Treasury Department of the United States Steven Mnuchin announced that his department is conducting an investigation into the illegal statements of the leading Bitcoin.

11.Nov.17 12:29 PM
By Daria Zaytseva


US Treasury Department investigates illegal use of bitcoin

He argued that the probe is designed to ensure that the digital currency is not used for "illegal purposes".

During an interview with Yahoo Finance at the beginning of November 2017, the secretary stated that the alleged illegal use of Bitcoin should be reviewed "very carefully" to ensure that the dark network is not funded in Bitcoin.

Earlier, the Treasury department announced plans to evaluate the practice of digital currency in the US Financial Crimes Enforcement Network (FinCEN).

In the same statement, the agency argued that the audit is related to the FinCENís strategy regarding the money laundering and terrorist financing risks associated with cryptocurrencies.

Meanwhile, Mnuchin said in the interview that issues related to the use of bitcoin are also being discussed with their international counterparts. He also said that the virtual currency dealers in the top-dog in the United States must comply with the requirements of know-your-customer (KYC) and Bank Secrecy Act (BSA). These requirements are designed to prevent or counter money laundering and fraud in the country.

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