In an interview with CNBC, Steven Mnuchin made an interesting comment when he said that cash is not used for illicit activities, and bitcoin is. He was asked whether cash was just as easy to launder and use for nefarious purposes as Bitcoin. The answer left the host surprised as well.
“Mnuchin says cash is not laundered.”
While discussing bitcoin and crypto regulations, Mnuchin was confronted by the host Joe Squawk when he said that just because bitcoin is used for illicit activities, it can be totally disregarded. He added that cash is also used in huge amounts to facilitate illegal activities to which Mnuchin replied that cash is not used in those activities, and they have strict regulations about that.
The Secretary of the Treasury saying "cash isn't laundered" and "nefarious activities have not been successfully done with cash" while keeping a straight face.
Mindblowing. 🤯 pic.twitter.com/gReW3pJzHL
— Rhythm (@Rhythmtrader) December 27, 2019
Cash is still the king in black market and terror financing.
Even though the use of bitcoin and other privacy crypto coins have increased over the last decade, but cash is still the most preferred way of payment for terror funding according to several studies. US Secretary of the Treasury claiming that cash is not laundered and used for illicit activities is quite strange as bitcoin is only a decade old, and terror funding and money laundering are long persistent issues.