Posted 1 year ago | by @devadmin

Written by – Makkie Maclang

With digital currency becoming a highly popular investment worldwide during this time of pandemic and with it being identified as one of the avenues used for money laundering and other illegal activities, many are curious as to how the Biden administration will approach it. Newly appointed U.S. Treasury Secretary Janet Yellen gives her opinion on how digital currencies should be taken.

I think it important we consider the benefits of cryptocurrencies and other digital assets, and the potential they have to improve the efficiency of the financial system. At the same time, we know they can be used to finance terrorism, facilitate money laundering, and support malign activities that threaten U.S. national security interests and the integrity of the U.S. and international financial systems. I think we need to look closely at how to encourage their use for legitimate activities while curtailing their use for malign and illegal activities. If confirmed, I intend to work closely with the Federal Reserve Board and the other federal banking and securities regulators on how to implement an effective regulatory framework for these and other fintech innovations,” Yellen said in a written response to nomination hearing questions.

The former Federal Reserve Chairwoman has a more balanced view of digital currency. And it is only logical that digital currency exchange and other related businesses should be regulated in a way that legitimate firms like Bitcoin SV can still flourish and elevate the country’s financial technology industry while carefully identifying and shutting down those who truly engage in fraudulent activities.

When asked if she will revisit the recent expansion of the Bank Secrecy Act (BSA) to digital assets as proposed by former Treasury Secretary Steven Mnuchin “without meaningful industry consultation,” Yellen provided an answer that seems to be on the positive side of digital currency stakeholders.

I am aware of the rules proposed by FinCEN in December 2020 regarding how certain digital assets are treated under the Bank Secrecy Act. I agree on the need to ensure adequate consultation with and input from stakeholders. If confirmed, I intend to ensure a full and substantive review of the proposals, which will include an assessment of how to ensure proper input from stakeholders,” Yellen stated.

It is definitely good news if stakeholders’ opinions are going to be taken into consideration in revising the BSA with regards to its inclusion of digital assets. Bitcoin SV is especially willing to cooperate with the Biden administration in making the United States “a leader in the digital asset and financial technology areas,” while enforcing policies that will weed out the bad seeds.

If all digital currency firms engage in a dialogue with the government as to how they can work together to foster innovation and growth within the industry while imposing fair regulations, then the United States might soon overtake China’s rate in expanding its “digital asset and financial technology space.”

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