Cryptocurrencies
Facebook’s Crypto Woes Deepen as Mnuchin Joins Parade of Critics
- Treasury Secretary says he has serious concerns about coin
- Facebook executive says crypto won’t launch without approvals
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Facebook Inc. faced its latest Washington crisis Monday, with Treasury Secretary Steven Mnuchin joining a parade of policy makers and politicians who’ve bashed its proposed cryptocurrency, demonstrating the hurdles the company must overcome to ever make the token a reality.
Speaking from the White House, Mnuchin said he has serious concerns about the national security implications of Facebook’s coin and other virtual currencies. He said the potential for money laundering and other illicit activities is high, and vowed that Treasury would crack down on law breakers when it finds them.