Bitcoin Should Be Regulated Like Other Electronic Financial Services, says US Secretary of State Mike Pompeo

There is no bad publicity. Not long ago after Donald Trump had tweeted about Bitcoin, another mention of the most famous cryptocurrency is coming on behalf of Mike Pompeo, the United States Secretary of State.

In his opinion, the first-ever cryptocurrency should be regulated like every other electronic financial service existing today. His main concern is around the anonymous transactions that occur daily.

Potential Risks from Lack of Regulation

Mike Pompeo. Image from Wikipedia

Bitcoin and cryptocurrency usually rise in politics in relation to funding terrorist activities, as well as shady transactions. Pompeo said in a recent interview to CNBC that a world where it’s harder to trace transactions may reduce the security globally.

“The risk with anonymous transactions is one that we all know well. We know this from 9/11 and terror activity that took place in the 15 years preceding that where we didn’t have good tracking, we didn’t have the capacity to understand money flows and who was moving money.”

He also stated that open transactions had kept the world safer during as they are easier to be traced.

Pompeo’s Solution

The US Secretary of State also admitted that money-laundering and ‘shady transactions’ have been occurring long before Bitcoin. Mentioning 9/11 as proof of an incident when there was no clear understanding of money-flows and proper tracking. However, the main issue is hidden in the lack of regulation, no matter the forms of payments. His solution is concentrated on all financial markets’ openness and regulations.

“It has helped keep the entire world secure and to fight terrorism and other nefarious activity (and criminal activity as well) by having access to this information. We need to preserve a global financial system that protects that”