The US government will not be able to disclose Bitcoin regulations any time soon, according to the White House official's official statement.
In an interview with CNBC, Rob Joyce, the President's special assistant and White House chief cyber security coordinator, said that although the government is concerned about Bitcoin and other crypto-banks, the development of a formal regulation has gone a long way.
Rob Joyce stated in his statement about the crypto money:
I think we are still learning and we know what good ideas and bad ideas are in that area. As a result, I do not think regulations are close.
The White House is worried about crypto money
Serving at the National Security Agency (NSA) for 27 years, Joyce said the White House was concerned about the ability of criminals to use cryptographic money for money laundering:
We are worried. There are many benefits associated with the concept of bitcoin. But if you look at the picture that follows a Bitcoin crime at the same time, you will see that this is an irreversible point. We have not figured it out with the current sample of Bitcoin and other crypto currencies. This is a problem.
Joyce's comments resemble the views of Treasury Secretary Steven Mnuchin, who said crypto money wallet providers wanted to see that they were organized under the same rules as banks and other financial services firms.
In a statement he made in January, Mnuchin said:
This is something we look at very carefully and something we will continue to look at. The most important thing is to make sure people can not use it in illegal activities. So we want to make sure that the dark web is not financed by the crypto currency. And today is a source of concern for us.
Of course, even by the Treasury Department itself, cryptographic money is a small percentage of the illegal transaction volume. Is it the currency that connects the most with illegal transactions? Answer: American Dollar.