Janet Yellen is the secretary of the United States Treasury. She sees Bitcoin as a highly inefficient way of conducting transactions. Moreover, she considered crypto assets as a high speculative form of assets.
However, it seems like the secretary of the US Treasury is quite impressed with the concept of stablecoins. This week, Yellen will be meeting the Working Group of the President on Financial Markets. The meeting is held to discuss the roles of stablecoins in the financial ecosystem.
Janet Yellen believes stablecoins are less fluctuating
The meeting with the President’s Working Group will be held on Monday. Janet Yellen will be talking about the dollar-pegged digital currency. These types of assets are pegged with government-issued fit currencies. Hence, Yellen believes that such coins are less fluctuating than other cryptos.
According to Yellen, monetary regulators will enable us to assess the potential benefits of such fiat-pegged coins while mitigating the risks they could pose to users, markets, or the financial system. In contrast to the booming virtual currencies, it is significant for the authorities to collaborate to regulate the sector.