Hillary Clinton says cryptocurrencies need to be regulated to curb manipulation by Russia and China

The former foreign minister Hillary Clinton has said that cryptocurrency markets need tighter regulation to protect themselves from technological manipulation by Russia, China, and others.

His comments on cryptocurrencies were part of a broader segment in an interview on Wednesday. with MSNBC newscaster Rachel Maddow, for the manipulation of social media platforms by certain nations.

Clinton’s warning extended to “technology of all kinds” that states and non-governmental entities could use to destabilize countries and the dollar as the world’s reserve currency. He said, “There’s something else on the horizon that people are just starting to pay attention to and that is the need to regulate the cryptocurrency market.”

Hillary Clinton says cryptocurrencies need to be regulated to curb manipulation by Russia and China
Hillary Clinton says cryptocurrencies need to be regulated to curb manipulation by Russia and China

“Imagine the combination of social media, the accumulation of even larger sums of money through the control of certain cryptocurrency chains.” called.

“We see that states manipulate technologies of all kinds to their advantage, and not just in China or Russia. We look at non-state actors, either jointly with states or alone, who destabilize countries and destabilize the dollar as a reserve currency. “

He was particularly focused on how Social media platforms that have been used to influence elections through disinformation could be combined with cryptocurrency markets to help state and non-state actors destabilize other countries. While he did not go into detail, it could be done by manipulating the markets, causing a stir, or even creating a financial crisis through social networking troll farms.

In the past few years, Countries have publicly used or considered the use of cryptocurrencies to circumvent US economic sanctions.

Certain North Korea has used cryptocurrencies to fund the nuclear weapons program. The country has also used private currencies and other methods to avoid detection.

The Iranian government has also publicly spoken out in favor of cryptocurrencies. In early 2020, Saeed Mohammad, commander of the Islamic Revolutionary Guard Corps, specifically urged Iran to use cryptocurrencies to evade sanctions.

In recent weeks, Clinton has spoken out against the problems that cryptocurrencies can pose for the global dominance of the US dollar. Speaking at the Bloomberg New Economy Forum in Singapore on Friday, he said that while cryptocurrencies are “an interesting” technology, they could have a negative impact on the United States and other countries, “maybe they start small but get a lot bigger.”

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