Seeing Cryptocurrencies Used Mainly For Illicit Financing, Janet Yellen Reveals Plans For Bitcoin
Why is Janet Yellen negative about bitcoin? We have the answers here. Is the future bleak for bitcoin in the Biden administration?
Introducing Janet Yellen
Revealing her policy for cryptocurrencies including bitcoin, is Janet Yellen, Joe Biden’s pick for the Treasury Secretary. Cryptocurrencies are mainly used for illicit financing and their use needs to be curtailed as she claims.
Janet Yellen Reveals Her Plans for Cryptocurrencies
She was asked about cryptocurrencies in the Senate hearing thereby considering Janet Yellen’s nomination as Secretary of the Treasury on Tuesday. Under his administration, she is Joe Biden’s pick to lead the Treasury Department.
When it was talked about “the importance of treasury programs to thereby combat the financing of terrorists as well as criminal organisations” it was the crypto question just asked by Senator Maggie Hassan (D-NH). In previous hearings with Treasury Secretary Steven Mnuchin, she said she had raised the issue.
She then began to counter new ways that terrorists use emerging financial technology, the bipartisan National Defence Authorisation Act passed earlier this month and it included a provision led by Senator Warner who then brought an advisory group together with Treasury. The potential for terrorists and criminals to use cryptocurrency to finance their activities is one area of growing concern for example.
How Treasury should combat new forms of terrorists and criminal financing, so, Dr. Yellen can you outline some of these emerging technological concerns, as Senator Hassan proceeded with her question.
We need to make sure that our methods for dealing with these matters with tech terrorists financing change along with changing technology as she thinks they are absolutely right that the technologies to accomplish this change over time was what Yellen replied.
Elaborating on it the incoming Treasury Secretary said,
A particular concern is cryptocurrencies. Mainly for illicit financing, she thinks many are used at least in a transactions sense, as also making sure that anti-money laundering doesn’t occur through those channels as she thinks they really need to examine ways in which they can curtail their use.
Bitcoiners React to Yellen’s Remarks
The crypto community pointed out several flaws in her statement following Yellen’s Senate testimony. Commenting the following: as if the USD isn’t Treasury Sec nominee Yellen says bitcoin is a concern for terrorist financing, money laundering, etc, it is better not to be distracted. Fight for your future as things of old are passing away was Russell Okung the pro football star who recently became the first NFL player to get paid in bitcoin.
In 2020, 0.3% of all cryptocurrency activity was illicit. Having cocaine on them was 90% of US dollars. Again which one is used by the bad guys, was pointed out by Dan Held, Growth Lead at crypto exchange Kraken.
Due to terrorist financing and money laundering Janet Yellen stated today that cryptocurrencies are concerning. Around the world, she forgot to mention that the US dollar is the choice currency of criminals was what Morgan Creek Digital partner Anthony Pompliano similarly described.
Further on he added, more than the entire bitcoin market cap the large
banks launder more money.
Who rose to fame when he held up a sign that says buy bitcoin behind Yellen as she then testified in a previous Senate hearing as the Federal Reserve chairman some people referenced the “bitcoin sign guy”. Some bitcoiners suggested perhaps she missed the sign. In a recent interview Janet Yellen promises to go after bitcoin as for that bitcoin sign incident she is still salty was what Ivan on Tech tweeted on Wednesday.
That most crypto activities are for illicit purposes, Yellen is not the only one suggesting recently. Having conducted some funny business as well as some interesting and totally reprehensible money laundering activity was last week the president of the European Central Bank (ECB) Christine Lagarde said about bitcoin. Particularly in US dollars and euros, however, a famous economist quickly contradicted her calling the ECB chief’s statement absolutely outrageous when they all know that the vast majority of money laundering globally is conducted in fiat currencies.
The Final Words To Wrap Up The Discussion
With Yellen and the Senate hearings, what should we understand about bitcoin? Is it as dark as portrayed by many to be funding terrorists and money laundering or is it a wise investment vehicle? The distinction needs to be made clear without being a line on the water. So, for now, we are putting the discussion on hold to see how the scene unfolds when the new government comes into power. When we have a clear idea of how the major powers in the world view the bitcoin and its influence in the financial sector, we will let you know so that you can imbibe the full benefit of cryptocurrencies.
For now, we are signing off and promise to bring you more facts related to bitcoin investment. Until then keep watching this space and relax to make use of the info more correctly.