US Treasury Secretary Janet Yellen considered that “it is useful for the Federal Reserve to study a digital currency in dollars,” describing the cryptocurrency “Bitcoin” as “an ineffective speculative currency in transactions.”
“Digital currencies may lead to faster and cheaper payments, but many issues must be studied, including consumer protection and money laundering.”
She stated that the verdict is on the success of the president’s plan. John Biden’s motivation will be how quickly it will return the economy to pre-pandemic unemployment levels and restore jobs in the service sector.
Speaking at a webinar, Yellen played down the high levels of public debt that would result from the Biden plan. For the US $ 1.9 trillion recovery that is currently being debated by Congress.
She said that due to lower interest rates, US interest payments as a share of GDP are at 2007 levels.
On the other hand, the most popular virtual currency, Bitcoin, fell, on Monday, after rising to its highest level ever on Sunday, as it obstructed Global equity sell-offs risk appetite.
The world’s most popular cryptocurrency has fallen 8% to below $ 53,000, making it on its way to its worst day in a month. Its last decline was by 7.5% to $ 53,177.
Bitcoin had jumped to a record high of $ 58,354 yesterday, Sunday, and it rose over the weekend to record levels, to nearly double its value since the beginning of the year. Its market value reached a trillion dollars on Friday.
The competing cryptocurrency Ethereum also fell after reaching a record high on Saturday. It was last traded, down 8.7%, at $ 1756.
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