Treasury Secretary Yellen Says US Does Not Have Framework ‘up to the Task’ of Regulating Cryptocurrencies

Cryptocurrencies have become popular in recent years. They can be used to buy and sell items from food and clothing to houses. It’s a decentralized, digital currency that allows users to transfer funds directly from one account to another, without a middleman like a bank or credit card company.

The US Treasury Department and Federal Reserve have not yet developed a framework for regulating cryptocurrencies such as bitcoin amid rising concerns that it could become more of a threat to the financial system, Treasury Secretary Steven Mnuchin said.

US Treasury Secretary Janet Yellen said the US lacks an adequate framework to address the various problems associated with cryptocurrencies, such as money laundering and illicit financing. According to them, there is no structure that can create the regulatory framework we need for cryptocurrencies.

Yellen thinks the US doesn’t have a good framework for dealing with cryptocurrencies

Janet Yellen spoke at The Wall Street Journal’s CEO Summit on Tuesday about the regulation of crypto-currencies. A question was asked of the Minister of Finance: Do you think cryptocurrencies will be regulated? Yellen replied:

I don’t think cryptocurrencies are structured enough to deal with the various problems they pose in terms of regulation.

She then listed several issues related to cryptocurrencies, such as money laundering, banking secrecy law, the use of digital currencies for illicit payments, [and] consumer protection.

Yellen noted that different agencies likely have ways to address this issue through regulation. However, the finance minister stressed:

Frankly, I do not think there is a structure in the United States that is up to the task of creating the regulatory framework that we need for the future.

This is a topic worth pondering, she noted.

The finance minister was also asked: What do you think of the digital dollar? Yellen replied: In terms of digital currencies and central bank digital currencies, I know the Federal Reserve is looking at this. She noted that this raises many questions, such as. B. the different ways in which it could be used and the possible problems of financial stability.

Yellen concluded that there is a case for a central bank digital currency, but warned: This is a subject that we must study carefully and be cautious about.

Yellen said in February that bitcoin is highly inefficient and highly speculative. She stressed the importance of the commitment to work with other regulators to develop an effective regulatory framework for cryptocurrencies.

What do you think of Ms. Yellen’s comments on cryptocurrencies? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.

This source has been very much helpful in doing our research. Read more about russian bitcoin and let us know what you think.

Related Tags:

yellen bitcoinyellen bitcoin regulationbitcoin pricerussian bitcointreasury bitcoinrussia bitcoin,People also search for,Privacy settings,How Search works,yellen bitcoin,yellen bitcoin regulation,bitcoin price,russian bitcoin,treasury bitcoin,russia bitcoin,russian cryptocurrency coin,miami allows bitcoin

Previous Dollar Forex Market Continues to Gain Ground on Recovery Concerns
Next Ripple Price Prediction $2 |