Thursday, January 21, 2021
Janet Yellen suggests 'curtailing' cryptocurrencies such as Bitcoin, saying they are mainly used for illegal financing | Currency News | Financial and Business News | Markets Insider
Janet Yellen, President-elect Joe Biden's nominee for treasury secretary, suggested on Tuesday that lawmakers "curtail" the use of cryptocurrencies such as bitcoin over concerns that they are "mainly" used for illegal activities.
There has been a surge in interest in bitcoin; its price has soared by about 300% in the past year. Bitcoin was down 7.59%, to $34,183.57, on Wednesday, while Ethereum was down 9.74%, to $1,259.97, after hitting an all-time high of more than $1,430 on Tuesday.
Yellen's comments suggested the incoming Biden administration could be hostile to cryptocurrencies and ramp up regulation. Watchdogs around the world, from the European Central Bank to the UK's financial regulator, have recently expressed concerns about cryptocurrencies like Bitcoin.
Sen. Maggie Hassan asked Yellen during her confirmation hearing on Tuesday about the dangers of terrorists using cryptocurrencies.
Well this is very bad and it has bugger all to do with illegal transactions. Unless you include in illegal transactions the mostly pathetic attempts of US citizens to shield their life savings from the depredations shortly to be visited upon them. All I can say is that when I think about this, which I try not to, it deeply pisses me off. We're all terrorists, don't cha know.