The dollar will always trump cryptocurrency, according to the US Treasury Secretary.

Despite the continued rise of Bitcoin and cryptocurrencies, US Deputy Treasury Secretary Wally Adeyemo believes the US dollar will remain the world’s most popular currency.

Adeyemo commended the promise of virtual money and the opportunities it may provide in an interview with CNBC, but he also acknowledged the obstacles it faced. He added:

“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,”

While the use of bitcoin in criminal situations is a serious concern, Adeyemo suggested that the US government improve its anti-money laundering (AML) legislation and partner with other countries to monitor it.

According to Adeyemo, the private sector’s engagement in reducing criminal activities in the bitcoin market is one that must be created.

President Biden’s new $1.2 trillion infrastructure program includes $550 billion in investments that will not only rehabilitate American infrastructure but also generate investment possibilities in the country.

The measure is also crucial for cryptocurrency investors, who would face tax requirements, and Adeyemo believes that the extra spending that will result from the legislation will only increase the value of the US dollar.

“Ultimately, the decisions we make in America about investing in our economy will influence the dollar’s place in the globe,” he added.

“The reason that people are involved in the dollar-based economy, is because they want to invest in America.”

Patrick

Coincu News