Janet Yellen, whom US President Joe Biden wants to bring to the US Treasury Department, stated that cryptocurrencies have the potential to “increase the efficiency of the financial system”.
Cryptocurrency Benefits Must Watch
The economist and US Treasury Secretary candidate Janet Yellen made a statement that will lead to positive improvements in the financial system efficiency of cryptocurrencies and digital assets:
“Bitcoin, cryptocurrencies and other digital assets also provide a new ability to handle financial transactions across the world. Like new advances in technology, cryptocurrencies bring potential benefits for the US and our allies.
Yellen also emphasized that cryptocurrencies are a new opportunity for states that “want to change the current financial system and undermine the interests of the United States” and underlined the digital Yuan developed by the National Bank of China as an example.
Jannet Yellen continued his statements with the following sentences:
“It is essential to consider the benefits of digital assets and their potential to increase the efficiency of our financial system. But we know that cryptocurrencies can also be used to finance terrorism, money laundering and criminal activities that undermine US national security and the interaction of the US financial system with the world. I think we need to closely monitor the use of cryptocurrencies and prevent illegal use. ”
Jannet Yellen stated that if it approves cryptocurrencies, they will start working with the Fed’s Board of Directors and other financial regulators to “create an effective regulatory framework area for cryptocurrencies and other financial technology innovations.”