US Treasury Secretary Janet Yellen, who participated in CNBC's Squawk Box, said that the crypto market is growing rapidly and has benefits and plays an important role. She said that while she has some skepticism about crypto, they are aware that innovation in the payment system can be a healthy thing. Here are the headlines from Yellen's statements;
Talking about sanctions against Russia and cryptocurrencies, Janet Yellen said, "Is the world moving away from globalization?" While saying that her concern was unfounded, she also stated that the US economy is standing strong.
"The situation in Ukraine puts pressure on commodity prices. I am worried that wheat-dependent countries will suffer. In addition, the increase in oil prices may slow down global growth. Oil prices may rise even more. The Russian economy will suffer in a long time after these sanctions. likely to influence their decisions.”
Refusing to comment on the Fed's monetary policy, Yellen said inflation is high, but the Fed has tools at its disposal.
Speaking about cryptocurrencies, Yellen stated that her skepticism towards this area continues. Stating that his concerns are related to illegal use, financial stability and investor protection, the Minister also said that cryptocurrencies also have benefits.
“I have some skepticism. On the other hand, crypto has its benefits and we know that innovation in payment systems can be a healthy thing.”
Bitcoin, which was traded at $44500 at the time of Yellen's statements, has now risen to $44800.
Malaysian Deputy Finance Minister: "The country has no plans to adopt Bitcoin"
Malaysian Deputy Finance Minister Datuk Mohd Shahar Abdullah has denied rumors about Bitcoin adoption. Abdullah stated that due to volatility, Bitcoin cannot serve as a means of payment, and said that the country has no such plans.
Earlier this week, Zahidi Zainul Abidin, deputy minister of the Malaysian Ministry of Communications and Multimedia, submitted a proposal for the legal adoption of Bitcoin. While the country is reluctant to adopt Bitcoin, it has begun work on the "Dunbar Project", which will use multiple CBDCs to fulfill international agreements.
Yesterday, the Central Bank of Honduras denied the allegations that Bitcoin was adopted. Back-to-back denials from Honduras and Malaysia seem to have misled those who thought the move would have a domino effect after El Salvador's adoption of Bitcoin.