Hillary Clinton Defends Cryptocurrency Regulation to Protect Global Dollar Reserve Status
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Answer Hillary Clinton Defends Cryptocurrency Regulation to Protect Global Dollar Reserve Status
Hillary Clinton – the former first lady and US Secretary of State – recently called on the Biden administration to regulate cryptocurrency markets.
She argued that modern technologies could be manipulated by Russia and China, and even destabilized the dollar’s status as a global reserve currency.
America and Crypto:
Clinton reiterated her stance against cryptocurrency in… conversation With “Rachel Maddow” from “MSNBC” last Wednesday.
Her comments were part of a larger conversation about regulating tech companies to protect them from foreign influence.
After discussing Google and Apple’s recent compliance with Russian authorities, Clinton focused on the looming issue of the cryptocurrency market.Read:CME Group Launches Micro Bitcoin Futures Contract
It showed concerns about larger amounts of money being raised by Russia or China through the control of certain cryptocurrency projects.
However, she believes that cryptocurrency represents a threat that transcends nation states, commenting:
We’re not just looking at countries like China or Russia that are manipulating technology of all kinds to their advantage.
We view non-state actors—either in concert with states or on their own—in destabilizing countries, and the dollar as a reserve currency.
Hillary Clinton is famous for running against Donald Trump in the 2016 US presidential election.
Although they are opposites, they agreed on this issue.
Trump has repeatedly denounced bitcoin as a fraud and said it threatens the dollar’s global standing.
Are China and Russia Really Using Bitcoin to Threaten the US Dollar?
Clinton’s theory is not 100% correct, as China has not shown any external support for any cryptocurrencies besides the digital yuan.
The government explicitly banned all miners from entering its borders in May, causing it to lose its influence on the previously dominated Bitcoin hash rate.
But it seems that Russia has adopted a more positive attitude towards cryptocurrency.Read:Bitcoin SV Network Under Attack Another 51%… Will Trading Platforms Delete It Now?
Last month, the country’s deputy finance minister stated that they had no intention of following in China’s aggressive footsteps toward crypto.
President Vladimir Putin has fully recognized cryptocurrencies as a legitimate means of payment.
In particular, he sees it as a potential future alternative to the dollar to buy oil.
And as Clinton warned, this would actually weaken the dollar’s strength.
After the success of his predictions in the past months…Will PlanB’s model fail to predict the closing price of Bitcoin in November?
Deputy Governor of the Bank of Canada: Crypto does not pose any danger to the Canadian economy
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