US Treasury Secretary Janet Yellen explained that investing in cryptocurrencies is a “very risky option” to include in the retirement plans of average American savers, and it would be reasonable for Congress to face the danger.

“It is not something that I would recommend to most people who are saving for retirement, (…) For me it is a very risky investment.”

The Secretary of the Treasury considers it “reasonable” that Congress regulates the type of assets that could be included in “retirement vehicles with tax benefits, such as 401 (k) plans (…)” I am not saying that I recommend it, but I think it would be reasonable,” she said.

Yellen made the remarks in response to a question about Fidelity Investments’ initiative to add a crypto option to the pension plans it manages.

Bitcoin as an option as a store of value

Last April, the American company specialized in asset management and pension funds Fidelity Investments announced its intention to offer 401 (k) with Bitcoin. However, savings programs in the United States have a fairly strict regulation, which is why the position established by the Secretary of the Treasury, nor that assumed by the Department of Labor, is not surprising.

For her part, Senator Cynthia Lummis believes that the position taken by the Department of Labor could be wrong. In her opinion, an “intelligent investment strategy combines assets that generate short-term profits and assets that can prevent the funds from depreciating.” In her words, Bitcoin is a very good option to avoid the depreciation of money. “BTC really shines as a store of value,” the senator indicated.

M. Rodríguez

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Source: buahmerahpapua.web.id

La entrada Retirement plans in crypto represent a risk apareció primero en Bitfinance.

The oldest bank in the United States, BNY Mellon, has reported on its new plans to safeguard bitcoin and other crypto, in order to hold, transfer and issue digital assets under the form of asset manager on behalf of its clients.

The initiative comes after institutional investors, corresponding to the top ranks of BNY Mellon’s clientele, insisted on this measure after seeing the significant impact that cryptos have manifested in the financial market on a global scale.

As the Wall Street Journal points out, BNY Mellon is not the first in traditional finance to adopt digital assets. Other companies like Fidelity Investments have also joined the management of cryptocurrencies, due to the impact they have on the traditional world.

According to the report issued by the entity where it announces the new measures, it is specified that BNY Mellon plans to execute its plan through a platform, now in a prototype version, which will also be used to manage traditional holdings such as Treasury bonds and stocks.

However, the old bank has not placed limits on the type of cryptocurrencies it will guard, what is known is that a specialized team of bank executives, led by Mike Demissie, will be in charge of supervising the integration of custody and cryptocurrency management in all the bank’s businesses.

K.Villarroel

Source: cointelegraph

La entrada US bank BNY Mellon will offer bitcoin services apareció primero en Bitfinance.