Cryptocurrencies need more regulation and their use for illicit trade, money-laundering and "dark trades" is unacceptable, global financial leaders including U.S. Treasury Secretary Steven Mnuchin told CNBC on Thursday.
Speaking at a panel at the World Economic Forum in Davos, Switzerland, Mnuchin and IMF Managing Director Christine Lagarde and others shared their views about the use of cryptocurrencies in financial markets.
"My No. 1 focus on cryptocurrencies, whether that be digital currencies or bitcoin or other things, is that we want to make sure that they're not used for illicit activities," Mnuchin told CNBC.
"So in the U.S., our regulations [state that] if you're a bitcoin wallet, you're subject to the same regulations as a bank."