US Treasury Secretary Janet Yellen has outlined some of the benefits of cryptocurrencies and why they should not be altogether ignored but embraced to an extent.
The fact that consumers and businesses are now considering cryptocurrencies when they are pondering investment decisions for the future makes them important, she said in a recent conversation with CNBC tackling the matter.
She tried to outline the use of crypto in the broader geopolitical context. For example, one question specifically focused on Russia’s planning to roll in bitcoin (BTC) as a viable payment method.
Yellen argued that people in the US were focusing on using crypto as an investment mechanism more so than just transactions.
She said that she was a “little bit” skeptical because there are valid concerns about crypto. “Some have to do with financial stability, consumer-investor protection, use for illicit transactions, and other things”, she explained.
Then again, there are benefits as well and as a form of payment innovation – crypto was right and needed.
Yellen said that given President Joe Biden’s executive order approving the stronger federal push for crypto regulation and adoption, she was confident that the Federal Reserve would come with the necessary rules to create a safer environment for everyone. Some have criticized Biden’s plans about a digital currency.
Yellen said the Federal Reserve will make sure to introduce crypto when the time is right. In the meantime, the Fed will keep an eye on whether Russia is trying to skirt sanctions using crypto, something that has been debated and overall dismissed – although fears do linger.
In the meantime, crypto fans are welcome to have a look at the existing crypto gaming sites, including Bitcasino, 1xBit or FortuneJack.