Crypto may have opportunities but possess challenges, says US Deputy Treasury Secretary

The US Deputy Treasury Secretary shared his stance on crypto over the US dollar and claimed that it will not be more dominant over the US dollar.

In the present time, US authorities are trying their best to restrict the crypto market through their unusual and indirect strategy instead of hammering directly. Recently, the US Biden administration passed the $1 trillion infrastructure bill against the crypto industry to get funds for the development in the different sectors of the United States. But in actual it was just a pressure technique on the crypto market to prevent new businesses and investors get into crypto. 

In an interview with CNBC, Wally Adeyemo – US Deputy Treasury Secretary – shared his take on the competition between crypto and US dollar. 

“One of the things that we know is that digital assets present an opportunity in lots of ways for the economy, but potentially it presents challenges”

According to Wally, people are moving toward Bitcoin and crypto because of huge opportunities to make a profit. There may be huge opportunities with the crypto but still crypto could not beat the US dollar-based economy. 

Wally said that the main reason behind the failure of Bitcoin or crypto is a way of the illegal payment system, so it can’t be dominant over the US dollar. 

Wally further took the reference of the $1 trillion infrastructure bill and said that it will help the US economy to boost over crypto. All the development in the US economy will result in a positive result for the dollar. 

“Ultimately, the thing that is going to drive the dollar’s position in the world is the decisions we make in America about investing in our economy. The reason that people are involved in the dollar-based economy… is because they want to invest in America.”

Crypto vs cash 

Wally claimed that Crypto is falling against US dollars because of the illegal fund transactions support but probably he failed to touch those reports, which clearly showed that illegal dealing involved cash over the crypto because crypto has traces online and is also transparent. 

Probably, Wally is right at his point of view to some degree but not at all. His suggestion for the government agencies to work with the other countries’ authorities to tighten the anti-money laundering laws to restrict the illegal payment system is appreciable.

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