Earlier today (March 25), US Treasury Secretary Dr. Janet Yellen discussed cryptocurrency in an interview with CNBC.
Yellen expressed her views regarding cryptocurrency while being asked by CNBC “Squawk Box” co-anchor Andrew Ross Sorkin.
Sorkin informed Yellen that Russia’s energy chief said on Thursday (March 24) that the country would start accepting Bitcoin as payment for oil and gas, and he asked her what it meant for where “we are in the crypto debate.”
Yellen responded as follows:
“Well, crypto has definitely risen in leaps and bounds, and it now plays a substantial part in many Americans’ investing choices, not so much in transactions as in investment decisions. And only a few weeks ago, the President issued an executive order tasked us and other agencies with considering crypto legislation.”
Sorked then inquired of Yellen if this indicated she was less suspicious of crypto than she had been in the past.
“I have a modicum of suspicion [because] there are, in my opinion, legitimate worries about it. Several are related to financial stability, consumer investment protection, and the use of cryptocurrency for criminal activities, among other concerns. On the other side, crypto has had certain positives, and we realise that innovation in the payment system may be beneficial. We want to finally provide suggestions that will establish a regulatory climate conducive to healthy innovation.”