According to U.today reports, the press secretary of US President Joe Biden revealed that President Biden agreed with Janet Yellen's views on cryptocurrencies.
At a press conference on Thursday, White House Press Secretary Jen Psaki stated that President Joe Biden has followed Treasury Secretary Janet Yellen’s views in regulating cryptocurrencies.
According to a previous report by BitTweet, Yellen called on lawmakers to "cut" the use of cryptocurrency at the nomination confirmation hearing in January this year. She has said that cryptocurrency is worrying and emphasized the use of cryptocurrency in illegal activities. She pointed out that cryptocurrency is a special concern of terrorists in financing and money laundering.
According to CNBC reports, Treasury Secretary Janet Yellen warned on February 22 that Bitcoin is an "extremely inefficient" way to conduct currency transactions and poses a danger to investors and the public.
She told CNBC's Andrew Ross Sorkin at the New York Times DealBook conference: "I don't think Bitcoin... is widely used as a transaction mechanism."
In addition to consumer concerns, Bitcoin is also considered a tool for people involved in many illegal activities because its use is difficult to track.
"To some extent, I am worried that it is usually used for illegal financing. This is an extremely inefficient way to conduct transactions, and the energy used to process these transactions is staggering." Yellen added.
Mining Bitcoin requires users to use powerful computer settings to solve complex mathematical equations. According to Digiconomist, the annual carbon footprint of the electricity used in this process is equal to the carbon emissions of New Zealand as a whole.
Various government agencies have considered the idea of making alternative digital currencies, hoping that it will open up a global payment system for those who do not have the right to use it. The Federal Reserve, chaired by Yellen, has studied the issue and discussed the possibility of using new digital currencies and payment systems that are expected to be launched in the next few years.
Yellen said: "I think this may lead to faster, safer and cheaper payments, which is my important goal."
In July last year, Biden stated on Twitter that he did not own any bitcoin after his account was hacked to promote a cryptocurrency gifting scam.
According to the news, at the "Economic Club of Washington" online conference held on Wednesday, Fed Chairman Jerome Powell stated that they believe that crypto assets are a speculative tool, and that the current debt level of the Fed is "very sustainable". Monetary policy It is an important means to alleviate the virus pandemic.
