- The U.S. Secretary of Treasury, Janet Yellen, has recently expressed her optimism about cryptocurrencies.
- Crypto has obviously grown by leaps and bounds and is now playing a considerable role, not really so much in transactions but investments decisions of a lot of Americans, highlighted by Yellen.
- Cyber is a real risk, and they do recognize that they have vulnerabilities; she further signified her skepticism.
The U.S. Treasury Secretary Janet Yellen recently expressed her views on cryptocurrencies during an interview. She seems to be quite optimistic about the asset class and its potential.
According to Yellen, Crypto has obviously grown by leaps and bounds and is now playing a considerable role, not really so much in transactions but investments decisions of a lot of Americans. And that the benefits of cryptocurrency are apparent, and the U.S. The Treasury is considering the growing role it plays in the current landscape.
Further highlighting that they recognize the innovation in the payment system can be a healthy thing. But she also added that she still has some concerns regarding the asset class, about financial stability, consumer and investor protection, and their utilization in illicit transactions.
Additionally, she signified that she aims for the Treasury to issue recommendations on the utilization of crypto, which can develop a regulatory environment that enhances innovation.
Further referring to the frauds and cyber attacks related to the asset class, she highlighted that the Treasury is working on bolstering itself against the threat of such things.
According to Yellen, Cyber is a real risk, and they do recognize that they have vulnerabilities and are doing everything they can to be prepared to deal with those and up their defense.
It is ironic to see that the former Fed chair and present Treasury Secretary was among the vocal critics of Bitcoin (BTC) back in 2018. She noted that she was not a fan of Bitcoin.
The crypto industry often witnesses mixed views and opinions on a global level. For instance, Jon Cunliffe, the Deputy Governor at the Bank of England, earlier suggested that crypto might lead to a collapse due to its volatility and integration with traditional financial markets. And there are an ample number of vocal critics for the asset class.
But it also has a lot of vocal supporters who are significantly inclined towards the crypto and its potential. Plus, cryptocurrencies are also playing a vital role in the ongoing war between Russia and Ukraine as the latter country has received and utilized a massive number of crypto donations. It is to look forward to what the asset class would witness in the future.
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Source: https://www.thecoinrepublic.com/2022/03/26/crypto-has-its-benefits-grown-by-leaps-and-bounds-highlights-u-s-treasury-secretary/