KEY POINTS
  • Treasury Secretary Steven Mnuchin says the U.S. will police cryptocurrencies with "very, very strong" regulations.
  • "We're going to make sure that bitcoin doesn't become the equivalent of Swiss-numbered bank accounts," Mnuchin tells CNBC.
  • Certain Swiss banks historically offered clients additional secrecy through numbered accounts known only to the client and select bankers.

Treasury Secretary Steven Mnuchin said Thursday the department will police bitcoin and other cryptocurrencies with "very, very strong" regulations so that they don't become cloaked in secrecy.

"We're going to make sure that bitcoin doesn't become the equivalent of Swiss-numbered bank accounts, which were obviously a risk to the financial system," Mnuchin said in an interview on CNBC's "Squawk Box."