Former Director of U.S. Mint Edmund Moy: “It’s Time Banks Got Competition. Time for Cryptocurrencies”

ed_moyEdmund C. Moy, the 38th Director of the United States Mint, isn’t afraid to show the world he’s a fan of cryptocurrencies. Moy took to his Twitter account to respond to a posted article on CNBC.com with regard to the criminal conviction of Credit Suisse, one of the largest banks in the world.

Moy’s tweet read:

“$2.6B fine ‘won’t do much damage’: Credit Suisse CEO. It’s time banks got competition. Time for cryptocurrencies.”

In a day and age where banks can seemingly get away with anything (and if they don’t it’s a minor slap on the wrist), Moy realizes that cryptocurrencies remove the need for banks. In fact, holders of cryptocurrencies are their own banks.

It’s one of the selling points of digital currencies the likes of bitcoins, and it’s refreshing to see a former government official recognize it as more than a means to purchase drugs, finance terrorism, or use to donate to a political campaign.

Moy isn’t a stranger to voicing his opinions on this topic.

Back in January, Moy told a news publication that he thought the China clamp-down on third-party financial firms working with bitcoin exchanges validated cryptocurrencies.

In Late March, Moy addressed the Internal Revenue Service’s controversial view on bitcoin – which forces taxpayers to recognize bitcoin as property and keep close track of gains/losses on each transaction.

“The IRS made this ruling because it has the legal authority to do so. But rules are not laws and therefore can be changed as circumstances dictate and as long as they do not contradict the law. Wider acceptance of bitcoin, in spite of this speed bump, is one such circumstance that may force the IRS to reconsider its guidance,” he wrote.