Steven Mnuchin also pronounces himself against Libra

Steven Mnuchin also spoke against Libra - Steven Mnuchin

Pound the target of making its market debut in 2020 seems to be moving further and further Donald Trump e Jerome Powell, or White House and Fed, now also the Secretary of the Treasury of the United States, Steven Mnuchin, has spoken extremely critically against Facebook's cryptocurrency.

An opinion that from the parts of Menlo Park will have to be taken into consideration no less than the others, precisely because it is based on national security issues, a topic that is considered of the utmost importance in the United States.    

Mnuchin's words

According to Mnuchin, Libra could prove to be an effective tool for the criminal economy. A deduction deriving from the fact that already some virtual currencies, starting from Bitcoin, have been and are exploited in order to support illicit trafficking for billions of dollars, in particular to evade the tax department, give rise to cyber crimes, extortion, drug trafficking and humans and ransomware. Words which brought to mind those pronounced by the financier Davide Serra, the founder of Algebris, one of the first to accuse the digital assets of practically representing a real dirty money laundry without so many words.

To this accusation was added that relating to the possibility that Libra could contribute, together with the other virtual currencies, to destabilize the current financial system, an opinion increasingly conveyed by political institutions. A work of destabilization deriving precisely from the fact that the stablecoin of Facebook it would appear with a deceptive mask, that of a decentralized asset, when instead it is the centralization at the service of large companies it would be his real trademark.

An urban legend?

What Mnuchin said, however, seems to be decidedly denied by a report that has just been published by Messari, according to which for every dollar spent on the Dark Web in BTC there would be no less than 800 real ones used to clean up capital of dubious origin. An unequivocal fact, which seems to indicate that in reality the accusations against cryptocurrencies are due to something other than concerns about their supposed usefulness for criminal activities.

Furthermore, Messari's study also disproves concerns regarding the possibility that cryptocurrencies may represent an element of alteration with respect to existing financial balances. To demonstrate the non-existence of this possibility is a simple datum, that which results comparing the increase in the Fed's balance sheet, in billions of dollars, from the 2009 to today, with the corresponding value of the BTCs that were mined in the same period: The Fed's balance sheet has risen by nearly $ 1.700 trillion over the past decade, while the dollar volume of BTCs created over the same period stands at just $ 12 billion.

Data that would prompt many observers to brand Mnuchin's concerns as absolutely exaggerated, at least for the moment. Meanwhile, however, from many sides it is highlighted as the barrage fielded by politics, you are causing considerable concern to Facebook management, so much so as to push it to collaborate with institutions.