The online gambling community has been typing in Google, “Janet Yellen Bitcoin”. The new presidential administration in Washington DC is busy tackling a number of issues right out of the gate. With the meteoric rise in the price of Bitcoin (BTC), cryptocurrency has caught the eye of the new US Treasury Secretary. Check out the Youtube video Yellen: Fed can’t regulate Bitcoin below.
What Are The New US Treasury Secretary Janet Yellen Views on Cryptocurrency?
Once aspect of cryptos that has always created concern among regulators is the anonymity of financial transactions. This is appealing for a number of reasons both good and bad. The speed and ease of making these transactions is a strong selling point. However, the appeal to the criminal and terroristic element is also high.
Traceable Bitcoin Wallets
Bitcoin wallets are traceable to a certain extent. Blockchain technology are cryptos working through an open public ledger. A running list of transactions is easily obtainable. If a BTC wallet is linked to a criminal or terrorist organization, it can be blocked.
Is Bitcoin Used For Criminal Activity?
Industry insiders are working hard to bring this information to light. Cryptos have been linked to criminal and terrorist groups in the past. This can be uncovered through the proper means. Many of these insiders linked to ArmyofBitcoin.com contend that fiat money finances much more illegal activity than cryptos.
Guidelines have recently been proposed by the Financial Crimes Enforcement Network. Included in these is the concept of linking crypto wallets to verified identities. While cryptos largely remain unregulated in the marketplace, there is a system of self-policing in place.
Ties To Terrorism?
Many crypto exchanges have made a concerted effort to block wallets with ties to criminal and terrorist activity.
Moving into the new decade, the crypto industry has a tremendous opportunity to move into the mainstream. However, industry misconceptions need to be addressed in the proper fashion.
As the , nation’s new Treasury Secretary Janet Yellen has already voiced a few concerns with the cryptocurrency industry. One of the areas covered is illegal activity. More specifically, criminal and terrorist concerns.
She already has a rather high standing among many crypto supporters. Secretary Yellen has been described as an astute, highly capable and well educated leader. She is more than qualified in her current role.
New US Treasury Secretary Janet Yellen Can Fill The Gap Between Fiat Versus Digital Currency?
If anyone can continue to bring the gap between fiat and digital currency, it would be under her watch according to many concerned individuals. Many contend that there are ways the crypto industry can aid in an effort to weed out illegal activity.
The ultimate goal is to reduce all forms of criminal and terrorist activity. Another is to create a safer environment for online commerce as we work through the current health pandemic. The government needs to find ways to protect American families as they navigate the way to the new normal in society.
There is direct knowledge of ways to audit blockchain transactions. There are proven ways to track crypto wallets. Experienced professionals in the industry need to step their efforts to remove the current stigma of anonymity tied to cryptocurrency.
It is widely believed that Secretary Yellen will be more than open to valid ideas that address these concerns. Regulators and innovators can find common ground.
• Source: Secretary Yellen’s first action on bitcoin will set the tone for the next four years from TheHill.com On January 15, 2020.
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