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- Cryptocurrency exchanges and social media platforms, according to the former Secretary of State, might undermine the US dollar as a reserve currency if left uncontrolled
- Clinton’s warning included all kinds of technologies, which she warned governments and non-state actors could use to destabilize countries and the dollar’s status as the world’s reserve currency
- They were talking about powers like China, Russia, and others using technology to their advantage in a variety of ways
Cryptocurrency exchanges and social media platforms, according to the former Secretary of State, might undermine the US dollar as a reserve currency if left uncontrolled. Former Secretary of State Hillary Clinton has stated that cryptocurrency markets require more stringent laws to prevent technical manipulation by Russia, China, and other countries. Her remarks on bitcoin were part of a bigger discussion on the misuse of social media platforms by specific countries in a Wednesday interview with MSNBC TV news anchor Rachel Maddow.
Clinton’s warning included all kinds of technologies, which she warned governments and non-state actors could use to destabilize countries and the dollar’s status as the world’s reserve currency. There’s one other item on the horizon that people are just starting to pay attention to, she added, and that’s the necessity to regulate the cryptocurrency market. Imagine combining social media with the ownership of particular bitcoin networks to acquire even higher quantities of money, as she continued.
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They were talking about powers like China, Russia, and others using technology to their advantage in a variety of ways. They were looking at non-state actors undermining the dollar as the reserve currency, either in collaboration with governments or on their own. She was especially interested in how social media platforms, which have been used to sway elections through disinformation, may be linked with cryptocurrency markets to aid state and non-state actors in destabilizing other nations. Although she didn’t go into detail, such methods include manipulating markets, creating excitement, or even using social media troll farms to orchestrate a financial meltdown.
In recent years, countries have utilized or openly discussed utilizing cryptocurrencies to circumvent US economic sanctions. North Korea has utilized cryptocurrencies to fund its nuclear weapons program, for example. To evade discovery, the nation has also deployed privacy coins and other techniques. The Iranian government has also expressed its support for cryptocurrencies. Saeed Mohammad, the commander of the Islamic Revolutionary Guard Corps, advocated for Iran to embrace cryptocurrencies to avoid sanctions in early 2020.
Clinton has recently spoken out against the threats that cryptocurrencies pose to the dollar’s worldwide supremacy. While cryptocurrencies are an interesting technology, she warned at the Bloomberg New Economy Forum in Singapore on Friday that they can have negative consequences for the United States and other countries, possibly starting with tiny ones but getting much larger.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
