Deputy Treasury Secretary Wally Adeyemo stated that cryptocurrencies provide both benefits as well as challenges; however, the USD cannot be replaced by them. As per him, the national currency of America will carry on to remain the most dominant across the world, notwithstanding the rising interest of people in Bitcoin (BTC) as well as the altcoins.

Crypto cannot triumph over the dollar

Adewale Wally Adeyemo, while appearing in an interview conducted by CNBC, described the industry of cryptocurrency to be controversial because there are chances for opportunities in it. Nonetheless, simultaneously, it presents several likely hurdles. The Nigerian American of 40 added that the biggest problem of crypto counts to be its contribution to illegal money transactions, as is not the case with the dollar. To solve this problem, the authorities should cooperate with other countries and implement sterner rules against money laundering, Adeyemo endorsed.

It is noteworthy, even though, that reports keep on signaling that the utilization of cash is the well-known method in criminal activities like drug trafficking as an instance. On the contrary, the technology of blockchain is completely transparent because all the transactions are saved on the digital ledger as well as are displayed to anyone having internet access. Adeyemo moved on to pronounce that he supports the dollar, elaborating that the previously sanctioned $1T infrastructure bill would assist in unlocking the US economy’s potential and provide investment chances for the other authorities.

Such developments will put an optimistic effect on the national currency of America, in his opinion. He also revealed that the prominent thing contributing to the position of the dollar is the decisions taken by the American authorities regarding its economy. A vast range of people is moving toward a dollar-based economy because they intend to invest in the U.S. In September, he accused Suex (a Czech Republic-based venue for trading) of assisting many illegitimate ransomware transactions. After that, the exchange of digital assets was prohibited from doing its business with the entities in the US.

BTC could turn out to be a hazard for dollar

Several experts across the financial sector have pointed out their opinions regarding the correlation among the digital assets (particularly Bitcoin­­­­­­) as well as the national currency of the US. At 2020’s conclusion, BlackRock’s CEO admired the most prominent crypto, stating that it has the potential to grow into a worldwide market.