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US Treasury Secretary Janet Yellen Says ‘the Misuse of Cryptocurrencies Is a Growing Problem’

US Treasury Secretary Janet Yellen Says ‘the Misuse of Cryptocurrencies Is a Growing Problem’

Janet Yellen, the brand new U.S. Treasury Secretary, has warned about “a rising drawback” from “the misuse of cryptocurrencies.” She emphasised that “cryptocurrencies have been used to launder the earnings of on-line drug traffickers; they’ve been a device to finance terrorism.”

Janet Yellen Warns of Cryptocurrency Risks

The U.S. Department of the Treasury hosted its inaugural Financial Sector Innovation Policy Roundtable on Feb. 9 and 10. “The Roundtable introduced collectively policymakers and regulators with specialists from the personal sector to trade views for collaborating on coverage points and progressive applied sciences,” the division described.

Treasury Secretary Janet Yellen briefly talked about cryptocurrencies throughout her opening remarks on the occasion. “We’re residing amidst an explosion of threat associated to fraud, cash laundering, terrorist financing, and information privateness. As the pandemic has moved extra of life on-line, crime has moved with it,” she opined. One of the issues she outlined issues cryptocurrency.

Yellen asserted:

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The misuse of cryptocurrencies and digital property is a rising drawback, too. I see the promise of those new applied sciences, however I additionally see the fact: cryptocurrencies have been used to launder the earnings of on-line drug traffickers; they’ve been a device to finance terrorism.

“From my time on the Fed, I do know the essential position your establishments play in combating crimes like these,” she instructed the occasion individuals. “The personal sector invests huge assets, discovering methods to cease dangerous actors from misusing present applied sciences. You additionally develop new ones.”

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At her Senate affirmation listening to, Yellen precipitated fairly a stir within the crypto neighborhood by saying that cryptocurrencies are “primarily for illicit financing.” However, a report by blockchain analytics agency Chainalysis reveals that solely 0.34% of all crypto transactions final 12 months had been associated to felony actions. Many additionally identified that almost all of cash laundering actions are executed through fiat currencies, significantly the U.S. greenback.

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Yellen subsequently clarified her place relating to cryptocurrencies and promised “efficient” crypto regulation. Meanwhile, the pro-bitcoin U.S. Senator Cynthia Lummis has talked to Yellen about cryptocurrencies and is planning to persuade the Treasury Secretary that bitcoin is “an important retailer of worth.”

What do you consider what Yellen stated about cryptocurrencies? Let us know within the feedback part under.

EditorialTeam

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