The US Treasury Secretary called bitcoin an inefficient and unreliable mechanism

Janet Yellen believes that cryptocurrency can be used in various illegal schemes and is highly subject to fluctuations.

The bitcoin cryptocurrency remains an inefficient tool for financial transactions, which can be used in various illegal schemes and is very subject to fluctuations. This opinion was expressed on Monday by US Treasury Secretary Janet Yellen in an interview with The New York Times in an online broadcast format.

“I don’t think bitcoin is widely used as a mechanism for transactions,” she said when asked about the possibility of the US having its own digital currency. – I’m afraid that it is often used in illegal schemes. This is a very inefficient tool for conducting transactions. Also, it is very subject to fluctuations so that investors can suffer.”

At the same time, Yellen did not completely reject the idea of a digital currency in the United States. In her opinion, it could make it easier for many Americans to access financial transactions. However, the Minister stressed that many issues related to the use of such tools should be carefully studied. “Federal Reserve specialists are working with researchers from the Massachusetts Institute of Technology on these issues,” she said. “We need to analyze what impact this may have on the banking system, whether it will lead to a significant movement of deposits from banks, whether it will affect financial stability, whether it will interfere with the fight against money laundering.”

Author: Steve Cowan
Graduated From Princeton University. He has been at the Free Press since October 2014. Previously worked as a regional entertainment editor.
Function: Chief-Editor
E-mail: Great7news@gmail.com