U.S. Treasury Secretary admits that crypto and blockchain industry has benefits

U.S. Treasury Secretary admits that crypto and blockchain industry has benefits 2

Janet Yellen shared her stance on the crypto and blockchain industry. She admitted that the industry has huge benefits for us. 

This week Janet Yellen, U.S. Secretary of the Treasury, appeared in an interview with CNBC, published on 25 March. Through the interview, she noted that the crypto & blockchain industry provided another option for Americans to choose an alternative investment option.

However, Janet appreciated the crypto industry as an option for the citizens but she noted that she is still not 100% confident with it and also sceptical about it because of some significant reasons like the illegal use of cryptocurrencies.

“I have a little bit of skepticism because I think there are valid concerns around it. Some have to do with financial stability, consumer/investor protection, use for illicit transactions and other things.”

On the better use cases of digital assets, Janet noted that cryptocurrencies can provide better mediums to the financial system that can be a much better thing for payment health as a better solution.

She also noted that governments needed to move forward with better policies to use cryptocurrencies in a better environment, where they can evolve more easily toward innovations.

“We would like to come out eventually with recommendations that will create a regulatory environment in which healthy innovation can thrive.”

Earlier, in 2021 speaking at the confirmation hearing with the U.S. Senate Finance Committee, Janet pointed out negative use cases of Cryptocurrencies. She noted that cryptocurrencies are responsible for illegal funding.

“I think many are used, at least in a transaction sense, mainly for illicit financing, and I think we need to examine ways in which we can curtail their use and make sure that anti-money laundering doesn’t occur through those channels.”

So over the past few years, the change in the mentality of the US Treasury Secretary, toward the much positive side of the crypto industry, is showing that real study and understanding about cryptocurrencies may result in better numbers of crypto fans in the world. 

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