Crypto Currency News

The United States recognizes the advantages of Bitcoin over the traditional financial system

Secretary Janet Yellen delivered her first speech dedicated exclusively to cryptocurrencies.

After the Bitcoin Conference 2022, where dozens of crypto leaders gathered to publicly discuss some issues related to the growth and adoption of bitcoin (BTC), the United States Treasury Secretary, Janet Yellen, delivered her first speech dedicated exclusively to the topic.

One of the topics that was most discussed during the event in Miami was precisely the growing role of BTC in the US political agenda, and the favorable change of position of the Joe Biden administration in recent months. In this sense, Yellen decided to clarify the position that he will adopt while working on the regulation of space.

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In the philosophy of the official, positive and negative considerations of the digital asset coexist. While he acknowledges that his technology eliminates reliance on centralized bodies like banks, he is also concerned that it could affect the stability of the traditional financial system.

“To the extent that setup is more convenient and costs are competitive with those required for traditional financial services, digital assets offer the potential to expand access,” Yellen slipped in a speech at the School’s Innovation Center. Of Business Kogod of American University.

According to the Executive Order issued by President Biden in March , both the Treasury and the rest of the financial agencies of the US Government must work together to advance a regulatory framework for the market . In addition, the document signed by the president also called for the research and development of a central bank digital currency (CBDC).

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At that point, Yellen slipped that a digital dollar could be the “evolution” of the dollar towards the expansion of the digital world, and suggested that they will make every effort to find out if this type of asset could make the financial system “more equitable, accessible and inclusive.”

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