US Treasury Secretary Yellen Acknowledges "Advantages of Cryptocurrencies".

Janet Yellen, the US Secretary of the Treasury, spoke on a range of issues on Friday's CNBC finance show Squawk Box . Not only did they talk about the detachment from Russian energy supply and rising inflation, but also about their current attitude towards cryptocurrencies.

Meanwhile, the senior politician acknowledges that the crypto industry has made some technical and societal advances over the past few years, which is why she is now adopting a more friendly tone than before. Yellen says that crypto "plays an important role, not as a means of transaction, but as an investment product for many Americans." The US Treasury Secretary stated:

"There are certain benefits of cryptocurrencies, and we believe innovation in the payments industry is a healthy thing."

However, Yellen also raised concerns about financial stability, an argument often used by politicians and pundits against cryptocurrencies, which pose significant risks to financial markets due to their volatility. The Minister of Finance also warns that investor protection in the industry is still too weak and that the asset class can be used for illegal transactions, two well-known points of criticism.

Nevertheless, the Finance Minister can be attested a positive change in attitude towards cryptocurrencies, because last year she was much more sober , as she said at the US Financial Sector Innovation Policy Roundtable at the time: "I understand the potential of these new technologies, but I'm also a realist .”

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