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Janet Yellen Stresses Importance of Crypto Regulation, Making Sure Bitcoin Is Not Used in Illicit Transactions – Regulation Bitcoin News

by BitSmart.US
February 19, 2021
in Blockchain
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Janet Yellen Stresses Importance of Crypto Regulation, Making Sure Bitcoin Is Not Used in Illicit Transactions – Regulation Bitcoin News
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Janet Yellen Stresses Importance of Crypto Regulation, Making Sure Bitcoin Is Not Used for Illicit Transactions

U.S. Treasury Secretary Janet Yellen has reaffirmed that it is very important be certain that bitcoin and different cryptocurrencies aren’t used for illicit financing. As well as, she stresses the significance of regulating establishments that take care of bitcoin.

Janet Yellen Claims It’s Vital to Make Positive Bitcoin Is Not Used for Illicit Financing

U.S. Treasury Secretary Janet Yellen answered some questions relating to bitcoin and cryptocurrency regulation in an interview with CNBC Thursday.

Yellen mentioned she considers bitcoin a “extremely speculative asset,” emphasizing its excessive ranges of volatility in recent times. Responding to a query about whether or not bitcoin and cryptocurrencies have to be regulated, the treasury secretary mentioned:

I feel it’s essential to ensure that it isn’t used as a automobile for illicit transactions and that there’s investor safety. And so regulating establishments that deal in bitcoin, ensuring that they adhere to their regulatory duties, I feel is definitely essential.

The value of bitcoin hit an all-time excessive once more Friday, pushing its market capitalization above $1 trillion. On the time of writing, the BTC worth stands at $54,757.

This isn’t the primary time Yellen has talked about cryptocurrencies fuelling illicit transactions. At her Senate affirmation listening to in January, she said: “Cryptocurrencies are a selected concern. I feel many are used … primarily for illicit financing.” She subsequently clarified her place and promised to work with different federal regulators to implement “effective” crypto regulation. Then final week, she mentioned the misuse of cryptocurrencies “is a rising drawback,” reiterating that they “have been used to launder the earnings of on-line drug traffickers” and have “been a software to finance terrorism.”

Commenting on Yellen’s remarks about bitcoin on Thursday, Wealthy Dad Poor Dad writer Robert Kiyosaki wrote:

Sec Treasury Yellen simply mentioned on CNBC bitcoin is utilized in felony exercise. Give me a break. And the US greenback isn’t. Who can imagine these Educational Elites? Do they suppose we’re that naive? Undoubtedly purchase extra gold, silver, bitcoin.

A rising variety of massive firms have embraced bitcoin. The cryptocurrency just lately acquired an enormous increase when Elon Musk’s electrical automobile firm, Tesla, revealed that it had bought $1.5 billion of BTC and can quickly settle for the cryptocurrency as a method of cost for its merchandise. Mastercard additionally introduced that it’ll enable sure cryptocurrencies on its community, and the nation’s oldest financial institution, BNY Mellon, unveiled a crypto unit to supply bitcoin companies. As well as, the U.S. metropolis of Miami is making an attempt to turn out to be a bitcoin hub.

In the meantime, the pro-bitcoin U.S. Senator from Wyoming, Cynthia Lummis, is on a mission to convincing Yellen that bitcoin is a good retailer of worth. Lummis mentioned she met with Yellen and believes that she has an open thoughts on this topic. Nevertheless, the senator nonetheless believes that it’ll take a while to persuade the treasury secretary.

What do you consider Yellen’s bitcoin remarks? Tell us within the feedback part under.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It’s not a direct supply or solicitation of a suggestion to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, instantly or not directly, for any injury or loss induced or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or companies talked about on this article.





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