Key facts:
Yellen admits that “there are advantages to cryptocurrencies” but remains skeptical.
For Yellen, there are “valid concerns” about the use of cryptocurrencies in illicit activities.
US Treasury Secretary Janet Yellen acknowledges that bitcoin and cryptocurrencies can have benefits for citizens. This, despite his unfriendly position with these money technologies, which he considers conducive to the execution of transactions associated with illicit activities.
During an interview with the American network CNBC, Yellen assured that there are “benefits of cryptocurrencies”, while adding: “we recognize that innovation in the payment system can be a healthy thing”.
On the other hand, the representative of the United States government acknowledged that, in the face of investments by citizens, cryptocurrencies have been gaining more and more relevance.
Well, cryptocurrencies have obviously grown by leaps and bounds and are now playing an important role, not so much in transactions, but in the investment decisions of many Americans.
Janet Yellen, United States Secretary of the Treasury
Asked whether these words denote less skepticism or reticence towards cryptocurrencies than in the past, Yellen alleged that she maintains the same position.
“I have a little bit of skepticism because I think there are valid concerns about it. Some have to do with financial stability, consumer investor protection, use for illicit transactions, and other things,” he explained.
The position of the Secretary of the Treasury, nominated by President Joe Biden for the position in 2020, has been very critical of bitcoin and cryptocurrencies in general. As in other governments around the world, this position is based on the rejection of the supposed ease with which these tools can be used. for money laundering, tax evasion or terrorist financing.
Regulate bitcoin, Yellen’s individual crusade
In fact, Yellen has been insistent in considering strict regulation of cryptocurrencies to be necessary to prevent illicit activities, despite the fact that most of the funds that move illegally in the world do so through banking.
Yellen’s words come just a few days after Biden issued the first executive order of the North American country directly focused on bitcoin and cryptocurrencies.
As we reported in CriptoNoticias, this document signed by the North American president seeks a unitary approach in the country to evaluate the benefits and risks of using these digital assets.