In a recent statement on the crypto sector, Treasury Secretary Janet Yellen emphasized the high risks of the digital market, including the misuse of cryptocurrencies although there is no denying that some new financial technologies are also capable of tackling crime and reducing injustice.
His opinion shows Yellen's confidence in the technology, not only curbing money laundering and hacking activities, but also being able to reduce the digital divide that exists in the United States (US).
Yellen further explained that the Anti-Money Laundering Act, which was introduced last December, provided an opportunity for the Treasury Department to restructure the framework to prevent illegal financing, which has largely remained unchanged since the 1970s.
The woman hopes the matter can be done immediately as the current situation is widely exposed to fraud, embezzlement, terrorist financing and data privacy, especially since the COVID-19 pandemic.
There is no denying that cryptocurrencies and virtual assets provide security but at the same time are also the focus of activities involving online drug trafficking and financing terrorism.
Innovation in the sector should provide solutions to the problems that arise and at the same time offer access to the financial system to millions of people around the world.
Clearly Yellen, fair and responsible innovation is capable of bringing about great change. Thus, it should not be a shield for criminals, but a key pillar to help people achieve a higher quality of life.
