Janet Yellen Biggest 'Restricting' Cryptocurrencies Likely Bitcoin, Stating They Are Manly Used For Illegal Financing

Treasury Department candidate Janet Yellen suggested that Joe Biden's government could hit bitcoin and cryptocurrencies hard after a huge surge in prices.

Janet Yellen on Tuesday expressed concern about cryptocurrencies like Bitcoin, which has soared.
Janet Yellen on Tuesday suggested restricting lawmakers "The use of Bitcoin amid terrorist concerns. 
Yellen said cryptocurrency transactions are primarily used for illegal funding." "
 was the latest sign that lawmakers and regulators might get tough on Bitcoin and Ethereum. Lawmakers are" reducing "the use of cryptocurrencies such as bitcoin due to concerns that they will be used" primarily "for illegal activities. 7.59%, up to $ 34,183. 57, on Wednesday, while Ethereum was down 9.74%, to $ 1,259.97, after hitting an all-time high of more than $ 1,430 on Tuesday. 40-4 Yellen's comments suggested that the incoming Biden administration might be hostile to the cryptocurrencies and increase regulation. From the European Central Bank to the UK financial regulator, they have recently raised concerns about cryptocurrencies like Bitcoin.

Sen. Maggie Hassan asked Yellen during her confirmation hearing on Tuesday about the dangers of terrorists using cryptocurrencies. . million of MicroStrategy's funds in Bitcoin. Software CEO turned Bitcoin whale explains why he's making such a massive bet on the digital asset.
 "You are absolutely right that the technologies to bring about this change over time, and we must ensure that our methods for dealing with these issues, with terrorist financing, changes along with changing technology, "Yellen said. 
 "Cryptocurrencies are of particular concern. I think a lot of them are mostly used - at least in a transactional sense - for illegal funding. 

" And I think we really need to investigate how we can limit their use and ensure that money laundering does not occur through these channels. 
Yellen's comments echoed those of ECB President Christine Lagarde, who said last week that Bitcoin had been used for some "totally reprehensible money laundering activity.

Major investors have raised similar concerns. Warren Buffet said last year that" Bitcoin has been used to move a fair amount of money illegally. "  He said investors should "pack short bags" as criminals would no longer need them to carry cash.

 Cryptocurrencies are digital currencies that have no physical form and are not controlled by a centralized authority such as a central bank. This means that they are largely unregulated. and untraceable, which makes them attractive to criminals. For example, they argue that if central banks launch huge stimulus programs, Bitcoin can protect against national currency devaluation.
Bitcoin bulls are very excited about the recent rise in the price of cryptocurrency.

 "The king of crypto is the basis for an emerging business." Alternative financial system, "said Paolo Ardoino, chief technology officer at Bitfinex.
 crypto exchange." Bitcoin provides a solid foundation for an amazing array of projects, some of which will fundamentally change the nature of money by the end of the decade, "Ardoino added. Bitcoin products include funds and options. 

 Regulators have urged caution. Earlier this month the UK's Financial Conduct Authority said that people who invest in cryptocurrencies like Bitcoin and Ethereum could lose all of their money. " 
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