"The Treasury Department is working with its G-20 counterparts to ensure that electronic currencies will not become a recent version of Swiss bank accounts," Stephen Menuchin said during a discussion at the Washington Economic Club on Friday, referring to illegal activities.
The Treasury Secretary said he was also concerned about the vulnerability of consumers as a result of electronic currency trading, explaining that there is a lot of speculation and he wants to ensure that consumers are aware of these risks.
He denied any concerns over reports that Venezuela and Russia might take steps toward creating electronic currencies to avoid US sanctions.
He explained that the Treasury and the Federal Reserve do not believe there is a need for the US Central Bank to issue a "digital dollar".
The South Korean Justice Minister recently pointed to his country's work on a law to prevent the circulation of electronic currency, while several countries to block the public offerings of virtual currencies.
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