US Treasury Secretary Candidate Janet Yellen spoke again about cryptocurrencies on Thursday. In his speech, Yellen emphasized the potential of crypto currencies to "increase the efficiency of the financial system".
Last Tuesday, the US Treasury Secretary Candidate Janet Yellen spoke again about cryptocurrencies after he said that crypto coins were used to finance terrorism. Yellen talked about both the advantages and disadvantages of crypto money this time. Yellen said:
“Bitcoin and other digital and cryptocurrencies provide financial transactions worldwide. Like many technological advances, this offers potential benefits for the US and our allies… It also offers opportunities for states and non-state actors who want to surpass the current financial system and undermine American interests. For example, the Bank of China just released the first digital currency. "
When asked to deepen her views on benefits and risks, Yellen said:
“I think it is important that we consider the benefits of cryptocurrencies and other digital assets and the potential they must have to increase the efficiency of the financial system. At the same time, we know that they can be used to finance terrorism, facilitate money laundering and support malicious activities that threaten US national security interests and the integrity of the US and international financial systems. I think we should look closely at how we can encourage their use for legitimate activities while limiting their use for malicious and illegal activities. ”
Yellen said she will be in close contact with regulatory agencies to put her highlights into an effective regulatory framework:
“If confirmed, I plan to work closely with the Federal Reserve Board and other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations.”
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