Economist and candidate for the post of US Treasury Secretary Janet Yellen released a statement saying that cryptocurrencies and digital assets can improve the efficiency of the financial system.
“Bitcoin and other digital assets and cryptocurrencies provide the ability to conduct financial transactions around the world. Like other technological developments, cryptocurrencies offer potential benefits for the United States and our allies, ”said Janet Yellen.
She stressed that cryptocurrencies also provide new opportunities for other states “seeking to change the existing financial system and undermine the interests of America.” Separately, she highlighted the National Bank of China, which is developing the digital yuan.
“It is very important to consider the benefits of digital assets and the potential to improve the efficiency of our financial system. We already know that cryptocurrencies can be used to finance terrorism, money laundering and support criminal activities, which undermines US national security and the interaction of the American financial system with the world. I think we need to closely monitor the use of cryptocurrencies and prevent their use for criminal purposes, ”Yellen said.
The US Treasury candidate noted that if approved, she plans to work closely with the Fed’s Board of Directors and other financial regulators “to create an effective regulatory framework for cryptocurrencies and other financial technology innovations.”
Janet Yellen previously said that cryptocurrencies and digital assets are a particular problem for law enforcement. Although, according to the company Chainalysis, last year the share of cryptocurrency transactions associated with illegal activities dropped markedly – from 2.1% in 2019 to 0.34% in 2020.
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