The candidate for US Treasury Secretary wants to “stop” use of cryptocurrencies

Janet Yellen, new US President Joe Biden's nominee for Treasury secretary, is set to“suppress” the use of cryptocurrencies, since “they are needed mainly by criminals.”

Yellen's comments suggest the Biden administration could tighten cryptocurrency regulation in the country. She said:

Methods used for financingterrorism is constantly changing with the development of technology. Cryptocurrencies are of particular concern. I think many of them are mainly used for illegal activities.

She added:

I believe that we should investigate solutions to suppress the use of cryptocurrencies so that money laundering cannot occur through these channels.

Recall that earlier a petition was filed with the British government to ban Bitcoin transactions in the country. According to the authors of the document, it has a destabilizing effect on the economy.

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