In her speech at the summit held in San Francisco, Yellen accepted that cryptocurrencies have the ability to address certain problems that expose the financial system.
Yellen’s comments on this forum reflect a change in her previous stance toward cryptocurrencies.
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During the meeting of finance ministers of the Asia-Pacific Economic Cooperation Forum (APEC), the US Secretary of the Treasury, Janet Yellenrecognized the potential of cryptocurrenciesincluding the Bitcoin (BTC), despite its previously critical stance towards these assets.
In his speech at the summit held in San Francisco, Yellenalthough she has been against the use of cryptocurrencies, mentioned that these digital assets, although they represent a riskhave the capacity to address problems of financial exclusion and facilitate international transactions.
“We see growth in the adoption of digital asset technologies across the region, suggesting their potential to improve financial inclusion and reduce the costs of cross-border transactions,” the official admitted. However, she emphasized the associated risks and underlined the need for adequate regulation and other policies to manage them.
In her speech, Yellen urged the organization’s 21 member governments, which includes countries such as Mexico, Chile and Peru, to address the risks associated with cryptocurrencies to solve problems she identified as a “uncontrolled adoption“.
Bitcoin: Yellen’s change of position
“The potential of cryptocurrencies it can not be done without regulatory compliance,” Yellen emphasized, urging the group to focus on regulation of Bitcoin and other digital assets as a priority.
In this sense, he managed to secure APEC’s commitment to continue working on the “responsible development” of digital assets, while recognizing the leadership of many Asian nations in this industry. It is worth mentioning that several Asian countries, including Vietnam, Indonesia and Thailandare among the top ten in Chainalysis’ 2023 cryptocurrency adoption ranking.
Yellen’s comments on this forum reflect a change in your posture prior to cryptocurrencies. Although before assuming her position as Secretary of the Treasury in 2021 she expressed negative ideas about these assets, considering them “highly speculative“, now admits certain benefits, including a possible improvement in the efficiency of the financial system.
However, despite her apparent recognition, Yellen has supported actions taken during the Joe Biden administration that have affected the cryptocurrency ecosystem, as lawsuits filed by federal agencies such as the Securities and Exchange Commission (SEC). Last July, he urged these agencies to use all available tools for greater oversight and for Congress to expedite approval of related regulations.
Source: Ambito
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