US Treasury Deputy: Private digital currency will deprive the government of some power in monetary policy

On November 21st, US Deputy Finance Minister Justin Muzinich raised concerns that in the near future, private digital currencies will deprive the government of some of its monetary policy powers. He said that the cryptocurrency project "not only has an impact on the private sector, but also on some activities that the government is responsible for." Muzinich said the Treasury is concerned that the digital currency "may be used to evade existing legal frameworks such as taxation, anti-money laundering and Legal framework for combating terrorist financing." Although the US Treasury has stated that it must comply with US law, whether the transaction is in a currency or a digital currency, if the size of an anonymous cryptocurrency is expanded, it will increase the difficulty of implementing these laws.