THELOGICALINDIAN - Janet Yellen the new US Treasury Secretary has warned about a growing botheration from the abusage of cryptocurrencies She emphasized that cryptocurrencies accept been acclimated to acquit the profits of online biologic traffickers theyve been a apparatus to accounts terrorism
Janet Yellen Warns of Cryptocurrency Risks
The U.S. Administration of the Treasury hosted its countdown Financial Area Innovation Action Roundtable on Feb. 9 and 10. “The Roundtable brought calm policymakers and regulators with experts from the clandestine area to barter angle for accommodating on action issues and avant-garde technologies,” the administration described.
Treasury Secretary Janet Yellen briefly talked about cryptocurrencies during her aperture animadversion at the event. “We’re active amidst an access of accident accompanying to fraud, money laundering, agitator financing, and abstracts privacy. As the communicable has confused added of activity online, abomination has confused with it,” she opined. One of the problems she categorical apropos cryptocurrency.
Yellen asserted:
“From my time at the Fed, I apperceive the acute role your institutions comedy in active crimes like these,” she told the accident participants. “The clandestine area invests astronomic resources, award means to stop bad actors from misusing absolute technologies. You additionally advance new ones.”
At her Senate acceptance hearing, Yellen acquired absolutely a activity in the crypto association by saying that cryptocurrencies are “mainly for adulterous financing.” However, a address by blockchain analytics close Chainalysis shows that only 0.34% of all crypto affairs aftermost year were accompanying to bent activities. Many additionally acicular out that the majority of money bed-making activities are done via fiat currencies, decidedly the U.S. dollar.
Yellen after antiseptic her position apropos cryptocurrencies and promised “effective” crypto regulation. Meanwhile, the pro-bitcoin U.S. Senator Cynthia Lummis has talked to Yellen about cryptocurrencies and is planning to convince the Treasury Secretary that bitcoin is “a abundant abundance of value.”
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