Monday, October 25

Janet Yellen: I’m worried about bitcoin and cryptocurrencies

Janet Yellen, who is expected to become the new US Treasury Secretary, spoke at the Senate. “We have to rebuild the economy,” said Yellen and emphasized more financial support. Saying that the USA should not target a weak exchange rate, Yellen stated that the low interest rate will continue for a long time. Touching on cryptocurrencies, Yellen stated that these coins are a source of concern in terms of terrorist financing and money laundering.

Former Fed Chairman Yellen, who is preparing to become the country’s first female treasury minister, said in his speech at the Senate’s Finance Committee that if no further measures are taken against the economic effects of the new type of corona virus (Covid-19) epidemic, there is a longer and painful recession risk.

Emphasizing that more help will be needed for the distribution of vaccines, reopening of schools and protection of employment in the coming months, Yellen said, “Neither the President nor I proposed this support package without evaluating the debt burden of the country. But now the smartest thing we can do with interest rates at historic low levels is to play big” said.

Pointing out that she believes the benefits of the support will outweigh the costs, Yellen said, “It is our first duty to help Americans survive until the last months of this epidemic, to keep people safe while returning to their jobs.”

Yellen: There is a need for a new boom in the economy

bitcoin

Speaking about her long-term projects, Yellen said, “We must rebuild our economy in a way that creates more prosperity for more people and allows American workers to compete in an increasingly competitive global economy.”

“If I am approved as Treasury Secretary, I will focus on the needs of American workers living in urban and rural areas and having a competitive economy that offers good jobs and good wages,” said Yellen.

Emphasizing that he will support American workers and small businesses from the first day, Yellen said, “In time, I will focus on working for the second support package. I think we need to get through these dark times.”

Underlining the need to invest in infrastructure, R&D and education in order to have a productive and competitive economy, Yellen said, “Our focus should be on the main street, not the Wall Street.”

“USA SHOULD NOT TARGET THE LOW”

Saying that the USA should not target a weak exchange rate in order to gain a competitive advantage and prevent other countries from doing this, Yellen said, “The value of currencies should be determined by the markets.” found the assessment. Yellen said the efforts of foreign countries to manipulate their currencies were “Unacceptable”.

Noting that they are focusing on relieving American families quickly rather than increasing taxes, Yellen said that Biden does not recommend increasing corporate tax to the pre-2017 level.

Yellen emphasized that the focus will be on getting the economy back on its feet, and stated that she will address the challenges of financial sustainability in the long term.

Emphasizing that he believes that low interest rates will continue for a long time, Yellen stated that the next months will be difficult until the Covid-19 vaccine becomes widespread enough to fully open the economy.

In addition, Yellen stated that crypto coins are a concern in terms of terrorist financing and money laundering.

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