Former US Secretary of State Hillary Clinton believes that cryptocurrency markets need more strong regulation to protect against technological manipulation by Russia, China, and other countries.
During an interview on MSNBC (Video Below), Hillary Clinton warned of the dangers of technology of all kinds. According to the Democratic presidential candidate, states and non-state entities can manipulate social platforms, use digital currencies and other technologies to destabilize the United States and the status of the US dollar as the world’s reserve currency.
She said that social platforms can be used to manipulate public opinion, which can influence elections and other processes in the state, and coupled with the popularity of cryptocurrencies, there are even more opportunities for manipulation.
“It is important to understand that we have cryptocurrencies on the horizon and people are just starting to pay attention to them. We need to regulate the cryptocurrency market. Imagine a combination of social platforms, cryptocurrencies, and other technologies that can control huge financial flows. We’re not just talking about states like China and Russia or others that manipulate a wide variety of technologies to their advantage. But also about non-governmental organizations that, together with the governments of countries, or independently, destabilize states, and can destabilize the dollar as a world reserve currency.”
This is not the first time Clinton has raised the question of the “destabilizing” potential of cryptocurrencies for the US Dollar. A week earlier, she said digital assets could devastate many country economies and undermine the role of the dollar as a reserve currency.
According to her:
“One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency — because what looks like a very interesting and exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollars as reserve currencies, for destabilizing nations.”
On the other hand, US Senator Cynthia Lummis criticized Hillary Clinton for her latest remarks about Bitcoin and crypto saying:
“Great leaders do not fear the future. America could win the future by embracing Bitcoin as hard money that can be used to stabilize USD and undo the tailspin begun in 1971.”