US Treasury Secretary Janet Yellen reiterated that it is very important to ensure that Bitcoin and other cryptocurrencies are not used for illegal financing. In addition, she emphasized the importance of regulating the institutions that deal with Bitcoin.
Janet Yellen claims that it is important to ensure that Bitcoin is not used for illegal financing
US Treasury Secretary Janet Yellen answered some questions about Bitcoin and cryptocurrency regulation in an interview with CNBC on Thursday.
Yellen said that she considers Bitcoin a “highly speculative asset” and emphasized the high volatility of Bitcoin in recent years. In response to a question about whether Bitcoin and cryptocurrencies need to be regulated, the Minister of Finance said:
I think the important thing is to ensure that it is not used as a tool for illegal transactions and that it has investor protection. Therefore, I think it is of course important for institutions that regulate Bitcoin transactions to ensure that they comply with their regulatory responsibilities.
Last Friday, the price of Bitcoin hit an all-time high again, giving it a market value of more than $1 trillion. At the time of writing, the BTC price is $54,757.
This is not the first time Yellen has talked about cryptocurrencies that facilitate illegal transactions. At the Senate confirmation hearing in January, she said: “Cryptocurrency is a particular concern. I think a lot of it is used…mainly for illegal financing.” She then clarified her position and promised Cooperate with other federal regulatory agencies to implement “effective” cryptocurrency regulations. Then last week, she said that the abuse of cryptocurrency “is becoming a growing problem” and reiterated that cryptocurrency “has been used to rob the profits of online drug traffickers” and “has become a tool for financing terrorism.”
Rich dad, poor dad author Robert Kiyosaki wrote in a comment on Yellen’s remarks about Bitcoin on Thursday:
The Yellen branch of the U.S. Treasury Department just stated on CNBC that Bitcoin is being used for criminal activities. Take a break. The dollar is not. Who can believe these academic elites? Do they think we are so naive? Definitely buy more gold, silver, and bitcoin.
More and more large companies are adopting Bitcoin. When Elon Musk’s electric vehicle company Tesla revealed that it had purchased $1.5 billion in Bitcoin (BTC) and would soon accept the cryptocurrency as a payment method for its products, the Cryptocurrency has recently gained a huge boost. MasterCard also announced that it will allow certain cryptocurrencies in its network, and BNY Mellon, the oldest bank in the United States, has launched an encryption department that provides bitcoin services. In addition, the US city of Miami is trying to become a Bitcoin hub.
Meanwhile, U.S. Senator Cynthia Lummis from Wyoming, who supports Bitcoin, is tasked with persuading Yellen that Bitcoin has great value. Rumis said she met Yellen and thought she was open to this matter. However, the senator still believes that it will take some time to convince the Minister of Finance.
What do you think of Yellen’s Bitcoin speech? Let us know in the comments section below.
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