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

Janet Yellen, the brand-new U.S. Treasury Secretary, has actually alerted about “a growing issue” from “the misuse of cryptocurrencies.” She highlighted that “cryptocurrencies have actually been utilized to wash the revenues of online drug traffickers; they’ve been a tool to fund 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 combined policymakers and regulators with specialists from the economic sector to exchange views for working together on policy concerns and ingenious innovations,” the department explained.

Treasury Secretary Janet Yellen briefly discussed cryptocurrencies throughout her opening remarks at the occasion. “We’re living in the middle of a surge of danger associated to scams, cash laundering, terrorist funding, and information personal privacy. As the pandemic has actually moved more of life online, criminal offense has actually moved with it,” she suggested. One of the issues she described issues cryptocurrency.

Yellen asserted:

The misuse of cryptocurrencies and virtual possessions is a growing issue, too. I see the guarantee of these brand-new innovations, however I also see the truth: cryptocurrencies have actually been utilized to wash the revenues of online drug traffickers; they’ve been a tool to fund terrorism.

“From my time at the Fed, I understand the vital function your organizations play in combating criminal activities like these,” she informed the occasion individuals. “The economic sector invests huge resources, discovering methods to stop bad stars from misusing existing innovations. You also establish brand-new ones.”

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At her Senate verification hearing, Yellen triggered rather a stir in the crypto neighborhood by stating that cryptocurrencies are “primarily for illegal funding.” However, a report by blockchain analytics company Chainalysis reveals that just 0.34% of all crypto deals in 2015 were connected to criminal activities. Many also explained that the bulk of cash laundering activities are done by means of fiat currencies, especially the U.S. dollar.

Yellen consequently clarified her position relating to cryptocurrencies and assured “efficient” crypto guideline. Meanwhile, the pro-bitcoin U.S. Senator Cynthia Lummis has actually talked with Yellen about cryptocurrencies and is preparing to encourage the Treasury Secretary that bitcoin is “a excellent shop of worth.”

What do you think of what Yellen stated about cryptocurrencies? Let us understand in the comments area below.

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