Janet Yellen misleads about cryptocurrency - Workflow
Janet Yellen on Crypto April 7, 2022 at American University’s Kogod School of Business Center for Innovation. https://home.treasury.gov/news/press-releases/jy0706 https://www.forbes.com/sites/danrunkevicius/2022/04/15/national-security-yellen-let-slip-her-plan-to-regulate-crypto-as-the-price-of-bitcoin-ethereum-bnb-xrp-solana-cardano-and-dogecoin-sink/?sh=267b48e6ad75 Treasury Secretary Janet Yellen gave her first speech about cryptocurrencies and their regulation. While her address had an unexpected pro-crypto undertone, Yellen called for a tougher regulatory stance. "Proponents believe distributed ledger technology will transform other aspects of financial services like trading, borrowing, and lending. They point to capabilities, like smart contracts, which use computer code to automatically execute an agreement if certain prespecified conditions are met. To the extent that setup is more convenient, and costs are competitive with those required for traditional financial services, digital assets offer the potential to expand access." “Consumers should be protected from fraud regardless of whether assets are stored on a balance sheet or distributed ledger…. Money-laundering and other illicit activity should be deemed illegal, and it doesn’t matter whether you’re using checks, wires or cryptocurrency,” she said. The Digital Dollar For much of the past century, the dollar enjoyed the benefits of the world’s reserve currency. And Yellen stressed that retaining this privilege should be regulators’ priority in their approach to digital assets. Yellen believes, that while the government should push for financial innovation that ensures “competitiveness and growth,” it should also pursue its “national security interests.” She suggested that a central bank-issued digital currency (CBDC) could fulfill the need for a digital currency while retaining America’s reserve currency privilege. "... a CBDC could be the next evolution in our currency. A recent report by the Federal Reserve opened a public dialogue about CBDCs and the potential benefits and risks that could be associated with issuing one in the U.S." Later she made an explicit remark that clarified her stance on the decentralized vs. centralized currency debate: "Sovereign money is the core of a well-functioning financial system," she said.
Janet Yellen misleads about cryptocurrency
"Proponents believe distributed ledger technology will transform other aspects of financial services like trading, borrowing, and lending. They point to capabilities, like smart contracts, which use computer code to automatically execute an agreement if certain prespecified conditions are met. To the extent that setup is more convenient, and costs are competitive with those required for traditional financial services, digital assets offer the potential to expand access." "... a CBDC could be the next evolution in our currency. A recent report by the Federal Reserve opened a public dialogue about CBDCs and the potential benefits and risks that could be associated with issuing one in the U.S." "Sovereign money is the core of a well-functioning financial system," she said.
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Janet Yellen misleads about cryptocurrency - Workflow# QUERY7a68d51c48c3c7cc4f7c3a25e5cae915