CNBC's Joe Kernen calls out Mnuchin for criticizing Bitcoin

18 Jul, 2019
by Richard Allen
Bitcoin
CNBC's Joe Kernen calls out Mnuchin for criticizing Bitcoin

This week has been big for Bitcoin. After US President Donald Trump stated he doesn’t like Bitcoin, Libra, or cryptocurrencies in general, Secretary of Treasury Steven Mnuchin called a press conference where he ultimately agreed with the president’s concerns. Now, in an interview with CNBC Squawk Box’s Joe Kernen, Mnuchin promised “very, very strong” regulations on digital currencies.

Kernen immediately criticized Mnuchin’s statement, arguing that cash has been used for centuries for exactly the same crimes. He added that if we stopped using a currency because it's used for illicit activities, then we wouldn't even have cash, which Kernen says is “laundered all the time, and used for nefarious activities.”  

Mnuchin argued back, saying “I don’t think that’s accurate at all.” Kernen doesn’t hide his surprise at the statement as Mnuchin states “we have the strongest AML system in the world.” Kernen responded with, “there’s been a lot of nefarious activities historically and its never involved Bitcoin, so obviously its been pretty successfully done with cash.”

In response, Mnuchin ends off saying “we’re gonna make sure Bitcoin doesn’t become the equivalent to Swiss numbered bank accounts which were obviously a real risk to the financial system.”

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Read more about: Bitcoin (BTC)

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