The Trump administration is stepping up its regulatory scrutiny of virtual currencies and other digital currencies.
The Trump administration has announced that it is considering banning bitcoin and other virtual currencies from all U.S. financial transactions and that it will impose new tax requirements on those who trade them.
The move by the Trump administration follows a recent proposal to tax virtual currencies in the United States, which has prompted widespread concern and criticism among some members of Congress.
The new move by Treasury Secretary Steven Mnuchin comes after the Trump Administration said in April it was studying how to tax and regulate virtual currencies, the first time it has officially suggested doing so.
It has also been reported that Mnuchin is considering whether to introduce new financial rules to help reduce the risks that virtual currencies pose to financial institutions.
Mnuchin has previously stated that virtual currency “will be taxed” and has also expressed skepticism that virtual money is inherently more trustworthy than fiat currency.
He has also previously said that virtual cash and cryptocurrencies “do not have the same intrinsic value.”
He has repeatedly questioned whether the virtual currency is legitimate and whether it should be regulated.