According to Janet Yellen, the use of cryptography in terrorism is a serious problem in the United States.

According to Janet Yellen, the use of cryptography in terrorism is a serious problem in the United States.

She didn’t go to the hospital out of nowhere, as usual! Janet Yellen is once again attacking cryptomoney, which she believes is primarily a tool for money laundering and terrorist financing.

A speech without surprises

A speech without surprises

On February 10, 2021, US Treasury Secretary Janet Yellen declared that cryptomoney is a « growing problem ».

Yellen spoke at the roundtable on financial sector innovation policy. She warned that cyber attacks and crimes related to cryptos were on the rise.

The Treasury secretary is sticking to her logic that cryptomoney is « used to launder the profits of online drug traffickers; it has been a tool for financing terrorism.

Yellen referred to the Anti-Money Laundering Act passed by Congress in December 2020. This update could not have come at a better time, she said.

This umpteenth attack by Yellen against cryptos comes a week after the United Nations published a report indicating that the cryptos were used to finance ISIS and Al-Qaeda.

Yellen has always tried to qualify his position in his hostile statements against cryptos, acknowledging the potential benefits of cryptos for the traditional financial system.

Cynthia lummis should give up?

Cynthia lummis should give up?

Janet Yellen isn’t alone in her war against the cryptos. The Central Bank of Nigeria wants to ban cryptantry from the country.

It even goes so far as to quote Warren Buffett’s anti-Bitcoin (BTC) speeches to try to legitimize its actions.

Senator Cynthia Lummis had said she wanted to talk to Yellen to try to get her to change her position on cryptos.

Given the Treasury Secretary’s opening speech at the roundtable, it would appear that this attempt is doomed to fail.

When are we going to see some action? Unfortunately, they will come, especially if Bitcoin gets dangerously close to 6 digits, a more than symbolic step. Institutionals support Bitcoin’s current bull rally. But how many will resist a regulatory attack? The future of Bitcoin lies much more in the hands of retail investors than in the hands of big wallets. At some point we will have to accept that the BTC will have to take a big step backwards, only to be able to make a big step forwards later on. We are still counting on Cynthia Lummis and other Bitcoin political friends: they are unfortunately leaving with a big handicap.

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According to Janet Yellen, the use of cryptography in terrorism is a serious problem in the United States.
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