United States Treasury Secretary Janet Yellen Says "The misuse of cryptocurrencies is a growing problem
Janet Yellen, the new Secretary of the US Treasury, warned of "a growing problem.issuer ”linked to“ the misuse of crypto-currencies ”. She pointed out that “cryptocurrencies have been used to launder the profits of online drug traffickers; they have been a tool for financing terrorism. "
Janet Yellen warns of cryptocurrency risks
The US Treasury Department has organized its first round table on innovation policy for the financial sector on February 9 and 10. “The roundtable brought together policymakers and regulators with private sector experts to exchange views on working together on policy issues and innovative technologies,” the ministry said.
Treasury Secretary Janet Yellen spoke briefly about cryptocurrencies during her keynote address at the event. "We live in an explosion of risks related to fraud, money laundering, terrorist financing and confidentiality ofdata. As the pandemic has moved life online more, crime has evolved with it, ”she said. One of the issues she raised concerns cryptocurrency.
"Since my time at the Fed, I know the crucial role your institutions play in the fight against crimes like these," he said. -she declared to the participants in the event. “The private sector is investing enormous resources, finding ways to prevent bad actors from abusing existing technologies. You also develop new ones. "
When from his Senate confirmation hearing, Yellen caused a stir in the crypto community with saying that cryptocurrencies are " primarily for illicit funding. "However, a rapport from blockchain analysis company Chainalysis shows that only 0.34% of all crypto transactions in the past year were related to criminal activity. Many also pointed out that the majority of money laundering activity is done through fiat currencies , in particular the US dollar.
Yellen then clarified his position on cryptocurrencies and pledged “ effective crypto regulation ”. Meanwhile, pro-bitcoin US Senator Cynthia Lummis has spoken to Yellen about cryptocurrencies and plans to convince the Secretary of the Treasury that bitcoin is " a great store of value ".
What do you think of what Yellen said about cryptocurrencies? Let us know in the comments section below.