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.
Check other news for today and Please stand by..
*********************************
If one of the paying programs on our Monitor appeals to you, please support EmilyNews by registering for it on our website. Thanks very very much!
EN web Support Chat | Hyips and Crypto questions – HyipChatEN
Telegram Chat for Crypto and Hyip reports: @HyipChatEN
*********************************
Be the first to get most important HYIP news everyday!
Simply Follow EN Facebook, EN Telegram, EN Twitter
or Subscribe to EN Feedburner and submit your email address!
If you like this article and want to support EN – please share it by using at least few of social media buttons below. Thanks and See you tomorrow!
