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On Wednesday, US Treasury Secretary Janet Yellen warned of the dangers of digital markets, including the misuse of cryptocurrencies, and the minister said during a meeting on innovation in the financial sector, Russia Today reported: “ We are living in the midst of an explosion of risks related to fraud and money laundering, terrorist financing and data privacy.“.
He explained that the Covid-19 pandemic triggered increasingly sophisticated cyberattacks targeting hospitals, schools, banks, and the government itself, adding that cryptocurrencies and virtual assets are promising, but were also used to launder money from drug traffickers through from Internet. and financing terrorism..
“Working together, we can reduce the flow of black money from organized crime and those who finance terrorism … and we can better confront opponents who infiltrate our organizations or interfere in our elections,” he said, in what appears to be an Implicit reference to the accusations that Washington has repeatedly made against Moscow, which the latter has denied are true..
Yellen noted that such technologies can be used not only to stop the flow of money from organized crime and combat piracy, but also to “bridge digital gaps” in the United States..
She believed that responsible and fair innovation can make a big difference, adding: “Innovation should not just be a shield to protect against bad players, it should also be a ladder to help more people achieve a better standard of living. “.“.
He explained, during the meeting, that the enactment of the Anti-Money Laundering Law last December would allow the Treasury to reformulate a framework to combat illicit financing that has not changed significantly since the 1970s..
