US treasury secy Yellen says Bitcoin extremely inefficient for transactions, highly speculative asset

Treasury Secretary Janet Yellen is speaking at the DealBook DC Policy Project, moderated by New York The Times’ Andrew Ross Sorkin, about the prospects for a post-pandemic recovery in the country.

This is the first day of the project backed by NYT, in which top policymakers and business leaders gather to debate the priorities for moving the country — and the world — forward.

Furthermore, White House earlier today said that President Joe Biden will get a briefing from Yellen on Friday.

Here are the key takeaways as Yellen articulates a road to recovery for US:

Important that investors at retail level are treated fairly, have opportunity to trade in markets

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Treasury will discuss climate stress testing for banks

Digital currencies could lead to faster, cheaper payments, but many issues need to be studied, including consumer protection, money laundering

-Bitcoin extremely inefficient for conducting transactions, is a highly speculative asset

-Meanwhile, Bitcoin plunged more than 16% and back below $50,000 in New York, giving up more than $8,000.

-Wealth tax has difficult implimentation problems, biden committed to not raise taxes on those earning less than $400,000

-It makes sense for federal reserve to study digital dollar currency

-Recapitalization of banks after 2008-2009 financial crisis has left stronger core financial system

Market for 100 year bond would probably be ‘very tiny’ but treasury is moving to longer-term debt

-U.S. interest payments as share of gdp are currently at 2007 levels

-Prolonged downturn, slow recovery will take fiscal toll

-Biden recovery plan will aim to ease ‘pockets of misery’ that won’t be reached by targeted aid

-Success for stimulus would mean getting back to pre-pandemic levels of unemployment, restoring service sector jobs: Janet Yellen

-U.S. treasury’s Yellen says stimulus needs to ensure people’s lives, livelihoods are not permanently scarred by pandemic

-According to reports, Yellen had earlier warned of “tough months ahead” before the US economy gets to the other side if the coronavirus-related crisis.

She also said that she and financial market regulators needed to “understand deeply” what happened in the trading frenzy involving GameStop and other retail stocks in recent days before taking any action.

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