US Secretary of State Mike Pompeo is convinced that cryptocurrencies can damage the security of the world. That is why they need to be regulated like other financial assets.
The US Secretary of State is convinced that cryptocurrencies are threatening the peace
In an interview with Squawk Box on CNBC, Michael Pompeo stated that if private money transfers through cryptocurrencies become the new norm, they can damage the security of the entire planet.
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He said that the authorities' ability to track cash flows "helps to keep the world safe and fight terrorism as well as other criminal activities."
Therefore, cryptocurrency transactions must be subject to the same rules and regulations as any other financial operation, Pompeo believes.
"We must use the same framework that we use for electronic financial transactions. The same rules that apply to SWIFT transfers or our financial institutions should apply to them [cryptocurrencies]," Pompeo said in an interview.
- Pompeo acknowledged that applying the current rules to cryptocurrencies would be very difficult.
- The Secretary of State did not dispute the fact that most of the money laundering is carried out through traditional fiat currencies.
Editor: Jerg Wos