In the past few years, countries have used or openly discussed utilizing cryptocurrencies to circumvent US economic sanctions.
Former Secretary of State Hillary Clinton has stated that cryptocurrency markets require more stringent laws to prevent technological manipulation by Russia, China, and other countries.
Clinton cautions that if cryptocurrency markets and social media platforms are allowed uncontrolled, they would destabilize the US Dollar as a reserve currency.
China, Russia, and others using technology to their advantage in a variety of ways
The Former Secretary’s statement included “all kinds of technologies,” which she claimed states and non-state organizations could use to disrupt countries and the dollar’s status as the world’s reserve currency. “There’s one other item on the radar that people are just starting to pay attention to”, she said, “and that’s the necessity to supervise the cryptocurrency market.”
Hillary Clinton’s remarks on crypto were mainly in a November,24th interview with MSNBC TV news host Rachel Maddow. She emphasised how some countries use social media networks.
“Imagine combining social media with the ownership of particular crypto networks to acquire even higher quantities of money,” she continued.
“We’re talking about powers like China, Russia, and others using technology to their advantage in a variety of ways. We’re looking at non-state actors destabilizing the dollar as the reserve currency. Either in collaboration with states or on their own.”
She was especially concerned with how social media, which have been used to influence voters through falsehood, may be linked with cryptocurrency markets to aid state and non-state actors in destabilizing other countries. Such methods include manipulating markets, creating excitement, or even using social media troll farms to orchestrate a financial meltdown.
Several countries have begun to exhibit interest in cryptocurrency
Many countries have begun to use cryptocurrencies.
North Korea, in particular, has exploited crypto to finance its nuclear weapons program. To evade discovery, the country has also deployed privacy coins and other techniques.
The Iranian government has also expressed interest in cryptocurrencies. Iran’s commander of the Islamic Revolutionary Guard Corps, Saeed Muhammad, has urged the country to embrace cryptocurrencies in order to avoid sanctions in early 2020.
Clinton has recently spoken out against the threats that cryptocurrency poses to the US dollar’s worldwide supremacy. While cryptocurrencies are an “interesting” technology, she warned at the Bloomberg New Economy Forum in Singapore on Nov. 19 that they can have negative consequences for the United States and other countries. “Possibly starting with tiny ones but getting much larger”.