“There are benefits from crypto and we recognize that the innovation in the payment system can be a healthy thing,” said Yellen. crypto cryptocurrency bitcoin $BTC
U.S. Treasury Secretary Janet Yellen has admitted that there are benefits to cryptocurrency. Crypto has grown by leaps and bounds and is now “playing a significant role” in the investment decisions of lots of Americans, Yellen said, adding that the Treasury Department is working on regulatory recommendations for healthy innovation.U.S. Treasury Secretary Janet Yellen talked about cryptocurrency in an interview with CNBC Friday.
When asked about whether she is still skeptical about crypto, the treasury secretary commented: “I have a little bit of skepticism because I think there are valid concerns around it. Some have to do with financial stability, consumer-investor protection, use for illicit transactions, and other things.” She added:
On the other hand, there are benefits from crypto and we recognize that the innovation in the payment system can be a healthy thing. “We would like to come out eventually with recommendations that will create a regulatory environment” for healthy innovation, she opined. Earlier this month, Yellen revealed that the Treasury will monitor crypto to see whether it is being used to evade sanctions by Russian individuals and entities. “We will continue to look at how the sanctions work and evaluate whether or not there are leakages, and we have the possibility to address them,” she