Cryptocurrency offers significant advantages, according to US Treasury Secretary Janet Yellen. Yellen stated that cryptocurrency has risen by leaps and bounds and is now “playing a big role” in many Americans’ investing decisions and that the Treasury Department is working on regulatory suggestions for sustainable development.
Janet Yellen sees Crypto as Beneficial
US Treasury Secretary Janet Yellen discussed Bitcoin. She was questioned about cryptocurrency in light of Russia’s announcement that it may accept bitcoin as payment for energy supplies.
Yellen responded :
Crypto has clearly expanded in leaps and bounds, and it now plays a substantial part in many Americans’ investing decisions, not so much in transactions.
“I have a little bit of doubt because I think there are genuine worries about it,” the Treasury Secretary said when asked if she is still cautious of crypto. Some are related to financial stability, consumer and investor protection, and the use of illicit funds, among other things.”
She continued :
On the other side, there are advantages to crypto, and we acknowledge that payment system innovation can be beneficial.
“Eventually, we would like to come forward with proposals that will create a regulatory climate” for sustainable development.
Yellen stated that the Treasury Department will examine cryptocurrency to see if it is being used by Russian persons and companies to circumvent sanctions. “We will continue to look at how the sanctions work and assess whether or not there are any leakages that we can correct,” she said.
However, a senior Treasury official later stated that the administration does not believe crypto could be used to dodge sanctions on a significant scale.
Janet Yellen: Working History
Janet Louise Yellen is the 78th United States Secretary of the Treasury in the Biden administration, having taken office on January 26, 2021. She formerly served as the 15th chair of the Federal Reserve from 2014 to 2018. She is a Democrat. Yellen is the first woman to serve in either of these positions. She is also a distinguished fellow in residence at the Brookings Institution and a professor emerita at the University of California, Berkeley’s Haas School of Business.
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