On Friday, 12 Jan, the U.S. Treasury Secretary, Steven Mnuchin said that a cryptocurrency focused working group has been formed by the Financial Stability Oversight Council. This Council is a governmental body that assesses risks in financial systems.

This remark was made by Mnuchin, when asked about the bitcoin, as part of an appearance at The Economic Club, Washington, D.C. He explained about the discussions within U.S government regulators, stating that they are very focused on cryptocurrencies. He said that they wanted to ensure that bad people will not be able to do bad things using these currencies.

He further stated that, this issue would be taken up for engagement at the G-20 international group also, by the U.S government. It may be noted that earlier in December, Mnuchin’s counterpart from France had given a call for more action from the G-20, bringing to the fore, “the risk of speculation”. Mnuchin confirmed that he too was concerned about the issue.

He mentioned that he wanted to ensure that the consumers who trade in this are aware of the risks as he was worried that some may get hurt. He further suggested that it will be unlikely in the near future that, the Federal Reserve would come up with its own digital fiat currency version. Worldwide, this topic is under discussion among a number of central banks. In fact, he said that he and the Fed did not feel the need for this at this time.