Bitcoin

The US Treasury Secretary is proposing a digital dollar held by the Federal Reserve

Janet Yellen may be open to US regulators considering digital currency, but still seems to have strong concerns about Bitcoin.

In an interview about the New York Times DealBook DC Policy Project held today, Yellen said it made sense for the Federal Reserve to analyze a digital dollar.In conversation with Andrew Ross Sorkin, The Treasury Secretary said a digital dollar held by the Fed could lead to “faster, safer and cheaper payments”.but added Before a possible start there were “many things to consider”She asked how regulators “would deal with the problems of money laundering and illicit financing” and the implications for banks and the Fed.

What’s more The finance minister criticized Bitcoin (BTC) as a medium of exchange, not to mention its use as a store of value:

“I don’t think Bitcoin is widely used as a transaction mechanism […] It’s an extremely inefficient way to conduct transactions, and the amount of energy consumed in processing these transactions is staggering. “

The US Treasury Secretary is proposing a digital dollar held by the Federal Reserve
The US Treasury Secretary is proposing a digital dollar held by the Federal Reserve

Yellen spoke about cryptocurrencies and BTC before taking office on January 26th. At her confirmation hearing that she was Minister of Finance, Cryptocurrencies identified as a “growing concern” in the United States that “primarily affects illegal funding”.His subsequent written statements reiterated these views between digital assets and illegal funding. This also meant that he wanted to promote the use of digital assets in the US government for “legitimate activities”..

She is the first woman to be finance ministerand previously served as Chairman of the Federal Reserve under the President of the United States, Barack Obamabefore departure in early 2018. Yellen once called Bitcoin “anything but useful”., however, remained silent about crypto and blockchain technology until he was elected by President Joe Biden.

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