Cryptocurrency SHOCK: US reveals ‘digital dollar’ plan amid fears of bitcoin crackdown

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Steve Mnuchin called cryptocurrency had made the Treasury make proposals of converting the US currency into a «digital dollar».

While he communicated those plans were not viable in the near future, Mr Mnuchin revealed that the Direction had several fears over the currency boom.

CryptocurrencyGETTY

Cryptocurrency had out made the Treasury look at converting the US currency into a «digital dollar»

He symbolized his major concern was making sure «bad people cannot use these currencies to do bad opportunities».

The Treasury Secretary told the Economic Club of Washington: «I want to be convinced consumers trading this understand the risks.

«I’m concerned consumers could get detriment.»

Mr Mnuchin said an urgent G20 summit on cryptocurrencies was needed to prevent bitcoin from being occupied like «Swiss numbered bank accounts». 

I’m concerned consumers could get hurt

Steve Mnuchin

He said the US was winnowing how to «track activities» for bitcoin.

Several governments around the world sire already banned initial coin offerings and are looking at strict code to bring cryptocurrencies under the control of the global financial system.   

This crackdown on the digital currencies is in the main due to the decentralised anonymity that surrounds cryptocurrency.

Despite this, ripple has recently budged to work with banking systems to reduce transfer costs.

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