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In the US, they propose to restrict the use of cryptocurrency
twenty.01.2021 [16:18],
Vladimir Mironenko

US Treasury Candidate Janet Yellen (pictured below) suggested that lawmakers should restrict the use of cryptocurrencies such as bitcoin, due to the fact that, in her opinion, they are mainly used for illegal activities.

Andrew Harnik / ASSOCIATED PRESS

The comments of Yellen, who has every chance of taking the post of Treasury Secretary in the Joe Biden administration, sounded against the backdrop of a surge in interest in cryptocurrency. Over the past year, the cost of bitcoin has grown by about 300%, and the rate of the competing cryptocurrency Ethereum has increased more than 16 times since March 2021, reaching a record $ 1,430 yesterday.

Judging by the words of the future Treasury Secretary, Joe Biden’s new administration may be hostile towards cryptocurrencies and may try to strengthen regulation of this market. Note that regulators around the world, from the European Central Bank to the UK financial regulator, have recently expressed concern about the rise in popularity of cryptocurrencies.

Asked by Senator Maggie Hassan about the possible use of cryptocurrency by terrorists, Janet Yellen said: “Cryptocurrencies are of particular concern. I think a lot of them are used – at least in the transactional sense – mainly for illegal financing. And I think we really need to look into ways we can restrict their use and make sure money laundering doesn’t happen through these channels. “.

Yellen’s comments echo the words of European Central Bank President Christine Lagarde, who said last week that bitcoin is being used for “totally reprehensible money laundering activities.”.

We add that well-known investor Warren Buffet noted last year that “bitcoin was used to illegally move a fair amount of money.”. Earlier this month, the UK Financial Conduct Authority warned those who invest in cryptocurrencies such as bitcoin and ether that they could very well “lose all their money.”.

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