Janet Yellen: Cryptocurrencies Misuse is a Growing Problem
AP Photo/Manuel Balce Ceneta
Main page News, US, Cryptocurrency
Hot topic
11 February
163 163

Janet Yellen, the new US Treasury Secretary in Joe Biden's administration, has just made some rather revealing statements regarding cryptocurrencies.

During a roundtable on innovation in the financial sector, the US Treasury Secretary has said the misuse of cryptocurrencies and virtual assets has been a growing problem along with cyber-attacks caused by the covid-19 pandemic.

While she acknowledged new technologies such as cryptos have great potential, she also noted these types of assets are still associated with great risks. In particular, Yellen said:

"I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism."

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

The Treasury Secretary has revealed the private sector has made a major contribution to the government's efforts to fight crypto-related crime.

Notably, while Yellen has said the use of cryptocurrencies for criminal purposes is a "growing problem," cryptocurrency-related crime actually declined during 2020. According to Chainalysis, the criminal proportion of all crypto activity in 2020 fell to just 0.34%, well below the 2% recorded in 2019.

Read also:
Please describe the error