Michael Pompeo, US Secretary of State said that cryptocurrencies should be monitored like other economic institutions.
While giving an interview to CNBC, Pompeo was asked which is the best method to regulate Libra or Bitcoin. US Secretary answered that he thinks that framework which should be applied is the same that is adopted to control other digital transactions. “Cryptocurrencies are monies transferring through markets,” he added.
“I suggest this process won’t be the easiest thing to do,” Pompeo commented.
During the interview, he commented on various themes like the situation in Hong-Kong, about which he said that they noticed the usage of pseudonymous currencies in the funding terrorism and money laundering.
He wasn't sure if private transactions should become a standard and said: “private transactions can reduce the protection for the world if that’s the way we want to go on”.
He believes that tracking money flow has corrected the process of detecting terrorism issues and so on. “We need to preserve the global financial system,” he explained. However, Pompeo also accepted the fact that presently all the money laundering cases were proceeded by fiat money.