In an Oct.16rh Note to U.S. Treasury Secretary Steven Mnuchin, inspect general Eric Thorson indicated a list of “management and performance challenges” that he anticipates will drastically affect the Treasury Department in the coming months and years. Though the ramifications are unknown, Thorson is sure the future bitcoin impact will be substantial.
Specifically, the U.S. Mint – which products and circulates coinage – and the Bureau of Engraving and Printing (BEP) faces the biggest challenges from new payments methods like cryptocurrency. While Thorson did not sound the alarm on any immediate threats, he urged the two agencies to begin examining the long-term effect such “technological advances” could pose to their business models.
Thorson wrote: “In addition, BEP and the Mint need to consider the effect of alternative payment methods and other technological advances (such as stored value cards, the Internet, smartphones, and virtual currencies) as well as consumer demand for their respective business models, practices, future planning and interactions with their customers, and the Federal Reserve Bank.”
Elsewhere, the subject of cryptocurrencies was also raised, in reference to the US Financial Crimes Enforcement Network (FinCEN), an agency that oversees exchanges in the US.
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