Janet Yellen on Technology

	Janet Yellen on Technology

Invest in helping people adapt to increasingly digital world

The pandemic has moved much of work and life online. We must invest in efforts to help people adapt to this increasingly digital world. The 020 should continue to support work on digital payments at the Financial Stability Board and standard-setting bodies. I believe we can improve the speed and efficiency of our payment systems while mitigating potential risks, including their use for malign and illegal activities. Source: Treasury letter to G20: 2021 Biden Administration , Feb 25, 2021

Cryptocurrencies used by drug traffickers, terrorists

Yellen has called the "misuse" of cryptocurrencies such as bitcoin "a growing problem." Yellen told the Treasury's financial sector innovation policy roundtable "the misuse of cryptocurrencies and virtual assets is a growing problem." She added: "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 traffickers; they've been a tool to finance terrorism." Source: Business Insider on 2021 Biden Administration , Jan 17, 2021

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