TL;DR Breakdown
- Hillary Clinton says crypto is a threat to dollar and could destabilize nations.
- Clinton’s position on crypto aligns with Donald Trump and Joe Biden.
- How US is threatened by cryptocurrencies.
Hillary Clinton, a diplomat and wife of ex-American president, Bill Clinton has dropped disparaging comments about cryptocurrencies as she said the digital asset have the potential to undermine the US Dollar.
The former US presidential candidate said that if crypto lands in the wrong hands, it could destabilize nations. Hillary Clinton said this on Friday during a panel discussion at the Bloomberg New Economy Forum in Singapore.
Her comments come in the wake of controversial crypto tax reporting requirement that was part of the $1 trillion bipartisan infrastructure bill signed into law by US President Joe Biden on Monday.
“What looks like a very interesting and exotic effort…has the potential for undermining currencies, for undermining the role of the dollars as reserve currencies, for destabilizing nations,” Clinton said
“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,” she added.
Hillary Clinton’s position on cryptocurrencies align with former President Donald Trump and President Joe Biden. Trump said Bitcoin “seems like a scam” and that “it’s another currency competing against the dollar.”
For President Biden, he has displayed seriousness in the wake of national security risks presented by cryptocurrencies.
Is Hillary Clinton right?
As the former presidential candidate said, crypto has been a problem for the US in recent times owing to hacks and ransomware attacks. It has led authorities and President Biden to take strict measures towards arresting the menace.
The US department of justice had previously announced that it would elevate ransomware to a similar priority level as terrorism in the wake of high-profile ransomware attacks. Biden also set up a ransomware task force with the express purpose of combating cyberattacks and tracing cryptocurrency ransom payments.
Beyond the US, during the week, India’s Prime Minister Narendra Modi called for a joint effort by democratic nations to ensure cryptocurrencies do not “end up in the wrong hands, which can spoil our youth.”
