More crypto news from the worldwide were brought to investors by RoboticsOnline (reviewed here). This time it is about Janet Yellen – US Treasury Secretary who said that cryptocurrencies should not be used for retirement.

*The question is who is she to decide for all the people over the planet? 🙂 Am i right?

Here’s the full news:

US Treasury Secretary urges people to avoid cryptocurrencies in retirement

  • Janet Yellen has said that cryptocurrencies should not be used for retirement
  • She said that crypto was a very risky asset class
  • Yellen has never been a supporter of the crypto space and has previously criticized the asset class over its volatile nature

The US Treasury Secretary, Janet Yellen, has said that cryptocurrencies are not recommended for use in retirement. Yellen has not been a proponent of Bitcoin or the entire cryptocurrency space for the longest time.

Janet Yellen says crypto is not ideal for retirement

Yellen, currently serving as the 78th Treasury Secretary in the US, has said that people should not use cryptocurrencies in their retirement plans. She said that the cryptocurrency sector was a risky asset class, adding that Congress should advise the society of the dangers.

Yellen’s recent remarks are similar to those she has made in the past regarding the cryptocurrency sector. In her previous utterances, Yellen has said that cryptocurrencies were very risky and they threatened the financial stability of the US.

Going by her past remarks, it is not surprising that Yellen is discouraging people from adding cryptocurrencies to their retirement plans. In an interview in Washington, Yellen said that having crypto assets in retirement plans was not an acceptable move.

“It is not something that I would recommend to most people who are saving for their retirement. To me, it’s a very risky investment,” Yellen added. She also encouraged the US Congress to be keen on the issue of cryptocurrencies. She also highlighted the key aspects of the assets that could be included in retirement plans like 401(k).

“I’m not saying I recommend it, but that to my mind would be a reasonable thing,” the announcement added. Yellen said that cryptocurrencies could benefit the US financial sector two years back. However, these assets could also be used to facilitate terrorism and money laundering.

Yellen has previously said that Bitcoin was a speculative asset that could not be used for transactions. Last year, she talked about stable coins and criticized their expansion. She also urged regulators to look into stable coins and implement the needed regulations.

Yellen supports CBDCs

While Yellen does not support private cryptocurrencies, she is a proponent of central bank digital currencies (CBDCs). In April, she said that CBDCs could preserve the USD’s status as the world reserve currency.

Yellen also said that CBDCs had a stronger use case as a payment method than Bitcoin and private cryptocurrencies. She said that private cryptos were highly volatile and prone to high fees and slow speeds compared to CBDC systems.

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