Treasury Secretary Steven Mnuchin has announced that stricter and significant regulations regarding cryptocurrency and bitcoin will be released soon. Minneapolis Federal Reserve president Neel Kashkari has called these currencies garbage. The Department of Justice has also criticized bitcoin. “We want to make sure that technology moves forward, but on the other hand, we want to make sure that cryptocurrencies aren’t used for the equivalent of old Swiss secret number bank accounts,” commented Mnuchin. It was also detailed that many virtual currencies are scams and many lack the basic characteristics of a standard currencies.