In an interview with MSNBC TV news, the former Secretary of State, Hillary Clinton, said that cryptocurrency markets need stronger regulations to protect against technological manipulation by Russia, China, and others. Clinton’s warning extended to “technology of all kinds,” which she said states and non-state entities could use to destabilize countries and the dollar as the world’s reserve currency.
Hillary Clinton warns cryptocurrencies can be used to destabilize countries.
Hillary Clinton noted, “We’re looking at not only states such as China, Russia, or others manipulating technology of all kinds to their advantage. We’re looking at non-state actors, either in concert with states or on their own destabilizing countries, destabilizing the dollar as the reserve currency.” A particular focus the former state Secretary of State had was on how social media platforms, which have been used to influence elections through disinformation, could be combined with the cryptocurrency markets in a way to help state and non-state actors destabilize other countries.
Governments all over the world continue to work on crypto regulations.
It is fair to say that cryptocurrency regulations in most parts of the world are still in a grey area. However, in recent years, nations have used or publicly considered using cryptocurrency to get around economic sanctions from the United States. Most notably, North Korea has used cryptocurrency to fund the nuclear weapons program. The rogue nation has used privacy coins and various other methods to avoid detection, as well. The Iranian government has also come out publicly in favor of cryptocurrency. In early 2020, Saeed Muhammad, commander of the Islamic Revolutionary Guard Corps, called specifically for Iran to use cryptocurrency to circumvent sanctions.