US Treasury official calls for global cryptocurrency regulation

The US Treasury Under Secretary has called for the international community to strengthen virtual currency frameworks.

In a speech before the Securities Industry and Financial Markets Association Anti-Money Laundering & Financial Crimes conference, Sigal Mandelker called for stronger regulation around cryptocurency.

Taking Venezuela as an example, and its recent plans to introduce a "petro" digital currency to try to sidestep sanctions, Mandelker said that criminals, rogue regimes, terrorist groups and others are using cryptocurrencies to find ways around governments' control "to exploit the financial system".

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