U.S Treasury Secretary, Steve Mnuchin, has ruled out the possibility of a second lockdown despite a spike in new COVID-19 cases within the United States. This comes as Wall Street and Asian markets dipped towards the end of last week in fears of possible second wave.
Mnuchin was speaking to CNBC reporter, Jim Cramer, on June 11 as he made these remarks. He went on to defend the position of keeping the economy open noting that a contrary move would cause more damage,
“We can’t shut down the economy again. I think we’ve learned that if you shut down the economy, you’re going to create more damage.”
Furthermore, many vital areas such as medical have been put on hold and ought to bounce back according to Mnuchin. The Treasury Secretary noted that they foresee a bounce back in the remaining two quarters of 2020.
The Optimistic Outlook
While the U.S remains as the highest country with active COVID-19 cases, Mnuchin signaled an optimistic future for the leading economy. He emphasized that President’s Trump approach was prudent coupled with the $3 trillion stimulus approval from the House of Reps and Senate. Notably, only about $ 1.6 trillion of the injected funds are the in U.S economy. Mnuchin has since highlighted that another $1 trillion will be pumped into the economy within the next month.
Following this progress, the U.S Treasury Secretary, said that his number one job is getting everybody to work; an initiative that is already underway in collaboration with the Trump administration. Mnuchin said,
“We have the Fed program, we have Main Street [lending program], which is going to be now up and running, and we’re prepared to go back to Congress for more money to support the American worker.”
Recently, another $3 trillion stimulus package was passed by the House Democrats sparking debate but is yet to be voted in the Republican-dominated Senate. The latter, however, prefer a more conservative approach towards increasing federal deficit to ease the COVID-19 economic effects.
Author: Edwin Munyui
- Steve Mnuchin said that they want to regulate cryptocurrencies to avoid illegal actors using them
- He said Bitcoin is being used to perform illegal activities
During a recent interview with CNBC, Steve Mnuchin, the secretary of the U.S. Department of the Treasury, said that it is important to establish strong regulations on Bitcoin (BTC) and virtual currencies. The intention is to avoid Bitcoin and digital assets becoming anonymous bank accounts located in Switzerland.
Steve Mnuchin Wants To Regulate Cryptos
Virtual currencies have been expanding all around the world and they are creating many challenges for regulatory agencies around the world.
The United States, the most powerful country in the world, informed that it is necessary to regulate virtual currencies. Steve Mnuchin said that there are billions of dollars of transactions that are taking place in Bitcoin for illegal transactions. During an interview with CNBC, Mnuchin commented:
“We’re going to make sure that bitcoin doesn’t become the equivalent of Swiss-numbered bank accounts, which were obviously a risk to the financial system.”
A few days ago, he has also mentioned that it is important for regulators to eliminate bad actors using virtual currencies and Bitcoin. He added that he wants to be careful that anybody who is using Bitcoin is using it for proper purposes and not illicit purposes.
Swiss bank accounts historically offered clients secrecy to clients through numbered accounts that were only known to clients and select bankers. There are several governments that criticized these accounts due to several individuals were using them to avoid paying taxes at their respective countries.
Mnuchin has also mentioned that they are combating ba actors in the United States every single day in order to protect the United States and its financial system.
[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.
Author: Carl T