Regulate cryptocurrencies to prevent manipulation by Russia and China

Regulate cryptocurrencies to prevent manipulation by Russia and China



Former Secretary of State Hillary Clinton has stated that the cryptocurrency market needs stronger supervision to prevent technical manipulation by Russia, China and other countries.

Her comments on cryptocurrencies are part of the larger scope part In an interview with MSNBC TV news host Rachel Maddow on November 24, interviews were conducted on the manipulation of social media platforms in certain countries.

Clinton’s warning extends to “various technologies,” and she said that states and non-state entities may use these technologies to destabilize the state and the U.S. dollar as the world’s reserve currency. She said: “People are just beginning to pay attention to another thing, and that is the need to regulate the cryptocurrency market.”

“Imagine the combination of social media, accumulating larger funds by controlling certain cryptocurrency chains,” she said.

“We are not only looking at China, Russia, or other countries that manipulate various technologies for their own benefit. We are looking for non-state actors to either cooperate with the state or cooperate with their own destabilizing countries to undermine the U.S. dollar as a reserve currency. Stability.”

She is particularly concerned about how social media platforms used Influencing elections through false information can be combined with the cryptocurrency market to help state and non-state actors destabilize other countries. Although she did not elaborate, the potential ways this could happen could be through market manipulation, hype, or even social media troll farms designing a financial collapse.

In recent years, countries have used or publicly considered using cryptocurrencies to circumvent US economic sanctions.

Most notably, North Korea used Cryptocurrency to fund nuclear weapons programs. The country uses privacy coins and various other method Avoid being caught, as well.

related: Treasury executives said that digital currencies will not affect U.S. sanctions

The Iranian government also Open support for cryptocurrenciesAt the beginning of 2020, Syed Mohamed, commander of the Islamic Revolutionary Guard Corps, specifically called on Iran to use cryptocurrency to circumvent sanctions.

In recent weeks, Clinton publicly opposed the cryptocurrency issue Can constitute the global dominance of the US dollar. She said at the Bloomberg New Economic Forum held in Singapore on November 19 that although cryptocurrencies are an “interesting” technology, they will have a negative impact on the United States and other countries. “Maybe start small, but on a larger scale. “.