War on Cryptocurrency

Source: youtube.com

US Treasury Secretary, steven mnuchin will work with the Group of 20 nations to prevent cryptos from becoming the digital equivalent of a Swiss bank account. At the Economic Club, he stated their goal was to keep 'bad people' from using cryptos to do 'bad things'. As if clamping down on cryptos with put any kind of damper on 'bad people' doing 'bad things'.

He said "If you have a wallet to own bitcoins, that company has the same obligation as a bank to know (you as a customer). We can track those activities. The rest of the world doesn't have that, so one of the things we will be working very closely with the G-20 is making sure that this doesn't become the Swiss bank account".

As the crypto market gains in users, the government is working to clamp down on the anonymity and the decentralization aspects which is the main reasons the public is flocking to the use of cryptocurrencies. I don't know the outcome, but it appears that the block chain will survive as far as the specific 'alt' coins it is up for grabs. More countries are creating their own cryptos and they are more asset based coins. I am still wondering about the value of a gold backed coin, with the except of the use of the block chain to track it, I don't see the value.
Source: bloomberg.com