Janet Yellen Admits Crypto Has Benefits – Says Treasury Working on Crypto Regulation

In an interview with CNBC on Friday, Janet Yellen, U.S. Treasury Secretary, spoke about cryptocurrency. Given that Russia has stated it is open to accepting Bitcoin as payment, she was asked about cryptocurrency.

Yellen replied:

Crypto has clearly grown exponentially and is now playing a significant part in many Americans’ investment decisions.

She explained that President Joe Biden’s executive Order entrusts the treasury and other federal agencies with “thinking about regulation of crypto.”

The treasury secretary was asked if she still doubts crypto. She replied: “I have a bit of skepticism because there are valid concerns around them. Some concerns have to do financial stability, consumer protection, illicit transactions and use of it. She said:

However, crypto has its benefits and we acknowledge that innovation in the payment system is a good thing.

She stated that she would like to see recommendations that would create a regulatory environment for healthy innovation.

Yellen announced earlier this month that the Treasury would monitor crypto to determine whether it was being used to evade sanctions. She stated that she will continue to examine the effectiveness of the sanctions and determine if there are any leakages.

A senior official from the department stated that the Treasury doesn’t believe that crypto could be used to evade sanctions.