According to Secretary Steven Mnuchin, the United States Treasury will announce new regulations for cryptocurrencies in order to improve the traceability of transactions.

Mnuchin said in a Senate Finance Committee hearing that the Treasury "will issue new regulations to clarify greater transparency, so that officials can see where the money is going and know that it is not being used for money laundering" .

The aim is to prevent cryptocurrencies from being used as "secret bank accounts". FinCEN, the Financial Crimes Enforcement Network, will be the agency in charge of applying the new rules.

Continue reading: Monero is untraceable, says Europol analyst

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