Janet Yellen, the former president of the FED and expected to serve as the Minister of Treasury under Biden's administration, emphasized that cryptocurrencies are an issue to be addressed at the point of financing terrorism.
Delivering a speech at the Senate Finance Committee meeting, Yellen underlined that the United States should be wary of the new tools emerging in the financing of terrorism. In his reply to a senator's question, Yellen said, “With the technologies that will provide this change over time, our struggle with problems such as the technological financing of terrorism must change. Here, too, crypto coins are one of the important issues that we are interested in. " she used her expressions.
Yellen continued, “I think most of the cryptocurrencies are mainly used in illegal financing. I think we need to examine the ways we can restrict their use and make sure there is no money laundering through these channels. " said.
How much are cryptocurrencies used in illegal transactions?
While Yellen emphasizes that most cryptocurrencies are used for illegal transactions, the data show otherwise. Chainalysis data indicates that 2.1 percent of all cryptocurrency transaction volume in 2019 was associated with criminal activity, while in 2020 it was only 0.30 percent.
