The US Treasury Secretary Janet Yellen has warned about the rising misuse of cryptocurrencies, she points out that it has been used as a system to finance terrorism and online drugs businesses.
According to the administration report on February 9th and 10th, the inauguration Financial Sector innovation Policy Roundtable that’s hosted by US Treasury Department ”the Roundtable closed the regulator and policymaker and also brought the private sectors expert to express their analysis on policy issues and innovative technology that overcome the spreading problems ”
We live in an era of high risk regarding financial crimes and data privacy. The pandemic has also caused most of the life online and so the surge in related crimes.
“The misuse of cryptocurrencies and virtual assets is a rising issue, too. I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug speculators; they’ve been a system to finance crime.”
J Yellen is in favor of effective cryptocurrency regulation to strengthen the new digital assets-based industry.
However, misuse of cryptocurrency for money laundering and drug businesses is a serious concern, and the ECB director Cristine Lagarde has already called for global regulations.