US Treasury Secretary Nominee Thinks Cryptocurrencies Are Mainly Used For Illicit Financing

Over recent times, almost all of the cryptocurrency market has grown substantially, especially the world’s top digital assets, including Bitcoin (BTC) and Ethereum (ETH). They have impressed several people with their glorious price rallies. Particularly, they got the attention of the big investment firms or financial institutions through their price performance. Some of these firms have even entered into the cryptocurrency world with their investments made into the world’s largest cryptocurrency.

However, cryptocurrencies have not been able to impress Janet Yellen, the nominee for the United States Treasury Secretary and the former Federal Reserve Chair, who still is doubtful of the role of digital currencies they play. She has called digital currencies a particular concern for Anti-Money Laundering (AML).

Janet Yellen recently appeared in a virtual United States Senate Finance Committee hearing held on the 19th of January where she was bombarded with questions regarding the combating of terrorist financing by New Hampshire’s Maggie Hassan, the Democratic Senator. Yellen was asked that as a senator how she intends to show her response towards the rising financial technology, which is utilized for funding terrorists or other criminal organizations. Hassan also asked how she is planning on handling the Combating of Terrorist Financing.

In response to this question, Yellen said that she considers digital currencies a primary concern and that they are still mainly used for the purpose of illicit financing. She said that there is a need to find out and test different ways through which the usage of cryptocurrencies for anti-money laundering could be lessened.

Adding more to it, she asserted that when such kinds of technologies change with time, it is also necessary for them to bring change into methods they use for handling these matters.

The attitude of Yellen has always been not in favor of the cryptocurrency sector. While sharing her stance on Bitcoin back in the month of October in 2018, she said that the leading digital currency could be anything, but it is not useful. Since that time, she has not spoken much about digital currencies.

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