US Treasury Secretary Yellen: Cryptocurrency abuse is a growing problem


The US Treasury Department held a roundtable on financial sector innovation policy.

In the statement made by the Ministry of Treasury, it was stated that the meeting was brought together by policy makers, regulators and experts from the private sector, and focused on technology solutions to protect the integrity of the American financial system.

“WE ARE IN THE MIDDLE OF RISK EXPLOSION”

In his speech at the opening of the meeting, Treasury Minister Yellen pointed out that we are in the midst of an explosion of risks related to fraud, money laundering, terrorist financing and data privacy.

Pointing out that the coronavirus epidemic carries a large part of life online, Yellen noted that the crimes also act with it.

Yellen stated that more and more complex cyberattacks have been witnessed targeting the institutions that keep the society alive, “The abuse of cryptocurrencies and virtual assets is a growing problem. found the assessment.

INNOVATION HIGHLIGHTS

Pointing out that cryptocurrencies are used to launder the profits of online drug traffickers and are a tool to finance terrorism, Yellen said that institutions play an important role in combating such crimes, and that the private sector is investing enormous resources by finding ways to prevent bad actors from abusing existing technologies.

“Innovation should not only be a shield to protect against bad actors. Innovation should also be a ladder to help more people reach a higher quality of life,” Yellen said. used the expression.

Emphasizing the need for responsible innovation as well as fair innovation, Yellen noted that these are tools that can help deliver the benefits of the financial system and modern information technology to more people.