Political powers unite in opposition against cryptocurrency

With the interest in blockchain technology increasing all over the world, the politicians in the United States have also shown keenness in formulating strategies to regulate it. While speaking at Bloomberg New Economy Forum in Singapore on Friday, former presidential candidate Hillary Clinton also expressed her views on cryptocurrencies. Terming cryptocurrencies as an interesting technology, Clinton warned that they have the potential to undermine the US dollar and destabilize nations. “What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger,” Clinton said. Clinton added that she hopes “nation-states start paying greater attention to is the rise of cryptocurrency.”

El Salvador move

Later, President of El Salvador, which became the first country in the world to officially adopt bitcoin as legal tender, Nayib Bukele announced his country is planning to build a “Bitcoin City,” funded initially by bitcoin-backed bonds. Other countries in the region are also planning to follow the steps of El Salvador. There have been reports that Zimbabwe is also exploring the adoption of cryptocurrencies as a means of payment. Clinton also accused Russian President Vladimir Putin as the one behind a disinformation and cyberwarfare campaign. President Joe Biden on Monday signed a $1 trillion infrastructure bill into law that also implemented tighter rules on businesses handling cryptocurrencies. The bill basically has tougher rules on crypto-trading taxes. China has also taken steps to curb the influence of cryptocurrencies by banning their private use. The country thus made all cryptocurrency-related business activities illegal. However, the world’s biggest companies are already using blockchain. Some of the companies are Amazon, Cargill, CVS, IBM, Seagate, and Visa.

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