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Hillary Clinton says crypto could subvert the dollar and ruin nations

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on Nov 20, 2021
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  • Per Clinton, crypto could threaten global economies if it falls into the wrong hands.
  • India’s Prime Minister, Narendra Modi, says countries should collaborate on crypto.
  • Changpeng Zhao, Binance’s CEO, believes crypto is a technology that is here to stay.

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Former Democratic presidential candidate Hillary Clinton believes cryptocurrencies are very interesting and exotic. However, she claims the nascent asset class has the potential to undermine the role of the US dollar as a reserve currency.

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She also believes cryptos could destabilize countries. Clinton shared her sentiments during the Bloomberg New Economy Forum in Singapore on November 19.

During the discussion, Clinton called on nation-states to pay more attention to the rise of the crypto industry, saying,

There’s a whole new layer of activity that could be extremely destabilizing or, in the wrong hands or in alliances with the wrong people, could be direct threats to many of our nation-states and certainly to the global currency markets.

Clinton’s opinions mirror those of former US President Donald Trump, who noted Bitcoin (BTC/USD) seems like a scam and that it is just another currency trying to edge out the US dollar.

Governments continue trying to rein in the crypto space

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This news comes as different countries continue grappling with regulating cryptos. China took a negative stance on cryptos, banning their trading a few months ago. Taking a more conservative approach, India’s Prime Minister, Narendra Modi, said democratic nations need to work together to ensure the crypto space does not end up in the wrong hands.

On the other hand, the US has been actively addressing the national security risks that cryptocurrencies present. For instance, the Biden administration formed a task force to tackle crypto-related ransomware attacks after malicious actors hacked Colonial Pipeline earlier this year.

On top of this, the White House announced that it would offer bounties worth up to $10 million in exchange for information that would help track proceeds that hackers get ransomware attacks.

President Biden also signed the controversial $1 trillion US infrastructure bill into law. While it is yet to become effective, the law will introduce stricter reporting requirements for crypto brokers.

The world should cozy up to the idea of having crypto around

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While governments across the globe are struggling to regulate the crypto space, Changpeng Zhao, the CEO of the world’s largest crypto exchange Binance, suggests that they should introduce sensible regulations to help the sector thrive.

According to him, crypto is not a currency or a commodity. He claims it is a technology that will power the future financial system. CZ said this during the Bloomberg New Economy Forum, noting that technological innovations might progress at a slow pace, but they never stop.

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