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US Treasury Secretary: Bitcoin is “very inefficient” for transactions


Yesterday, the US Treasury Secretary criticized the bitcoin energy consumption during an event in the New York Times, calling it “very inefficient.”

to the the report “The Block” Janet Yellen, who recently took over the US Treasury Department, criticized Bitcoin in her remarks:

I do not think that bitcoin can be used as a universal transaction processing mechanism.

The New York Times quotes Yellen as saying:

This [بیت کوین] It is a very inefficient way to perform transactions and the amount of energy consumed in the network of this digital currency is also staggering for processing transactions.

“There is still a lot of ambiguity about this phenomenon, including the potential impact of this emerging financial instrument on monetary policy and how the Federal Reserve is interacting with micro-users,” Yellen said, referring to the issue of national digital currencies. کرد. Yellen says:

What effect does the national digital currency have on the banking system? Does this phenomenon lead to the massive outflow of deposits from banks and their inflow to the Federal Reserve? Is [پس از عرضه ارز دیجیتال ملی] Will the Federal Reserve deal directly with retail customers or is it still trying to stay in the position of a wholesaler? Will there be concerns about financial stability? How can we solve the problems related to anti-money laundering laws and financial crimes? These questions and many other ambiguities are among the issues that need to be considered.

Yellen, who previously won a vote of confidence in the US Treasury Department on January 25, has reiterated her previous stance on digital currencies. It is worth mentioning that he had previously said in 2018 at the Montreal Fintech Forum:

I am not a fan of bitcoin and do not see it as an effective form of money or a stable source of value.

“Bitcoin and other digital currencies will have potential benefits for us and our allies, and they have the potential to improve the efficiency of the financial system,” Yellen told a vote of confidence in the US Senate.

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