US Treasury Secretary Highlights Nakamoto's Work: Green Light for US Bitcoin?

US Treasury Secretary Janet Yellen recently spoke about the work of Satoshi Nakamoto, the pseudonym used by the person or group of people who created the Bitcoin protocol. And at a digital assets event held at American University in Washington, she delved into the benefits and risks of using cryptocurrencies.

Friendly location?

With her speech on bitcoin and other cryptocurrencies, Yellen has made it clear that she leans towards a friendlier stance on these monetary technologies. This, after having condemned them as favorable to the execution of transactions associated with illegal activities.

An individual or group of individuals using the pseudonym of Satoshi Nakamoto has proposed a decentralized peer-to-peer system for processing and making payments. A key challenge in digital payments is preventing the same assets from being spent twice, and the Bitcoin white paper shows a new method for validating transactions using cryptography tailored to the so-called double-spending problem - Yanet Jellen, talk on digital assets at American University.

Later, he mentioned the executive order ordered by President Joe Biden, which requires the Treasury and Commerce departments, along with other agencies to prepare reports on the "future of money" and the role that cryptocurrencies will play.

In this sense, Yellen said that these tasks that the institutions will have to carry out will be guided by six political objectives: the first is to protect users; the second is to safeguard financial stability from the risk posed by cryptocurrencies.

The third objective is to mitigate national security risks; the fourth is to promote leadership and economic competitiveness, while the fifth is to promote equal access to financial services.

Finally, Yellen mentioned the goal of supporting responsible technological advances that take into account the protection of privacy, human rights and climate change.

The financial system benefits from this

The representative of the United States government believes that the work of the institutions will be carried out in the next six months, although some of the work will be based on the research that the Treasury Department has done. “I don't want to predict where this work will take us, but that doesn't mean we're navigating without a compass,” he added.

He then pointed out that the first lesson he learned from money-centric innovations is that "our financial system benefits from responsible innovation from new technologies."

Yellen's speech was described by Michael Saylor, CEO of MicroStartegy, as "a fundamental milestone in the history of technology and a turning point for the global adoption of bitcoin."