US Treasury Secretary Janet Yellen has insisted on tightening and adapting regulations against cryptocurrencies as her department works on a report on the “future of currency” commissioned by President Joe Biden.
“With the increasing participation of banks and other traditional financial firms in digital asset markets, regulatory frameworks will need to adequately reflect the risks of these new activities,” he said in a speech at American University in Washington.
Yellen further emphasized that “new types of intermediaries must be subject to appropriate forms of monitoring.” “When new technologies enable new activities, new products and services, financial regulations must adapt,” he added.
The US President signed a decree on March 9 requiring the Treasury to submit a report on the “future of currency” within six months to launch the Digital Dollar Project, which the United States has been working on for several years. Federal Reserve Bank.
The Fed was tasked with studying what steps should be taken and published a report in January, the first stage of public consultation.
“Under the executive order, we will ensure that consumers, investors, and businesses are adequately protected against fraud and theft, privacy and data breaches, and unfair and abusive practices,” Yellen said.
“We are working closely with our international partners to promote consistent regulation and oversight across jurisdictions,” he added.
He noted that the eventual creation of a digital dollar “will require years of development.”
If moved forward, the digital dollar project could revolutionize global finance, where the dollar reigns supreme.
“Award-winning zombie scholar. Music practitioner. Food expert. Troublemaker.”