Regulate crypto to stop tampering by Russia and China

Regulate crypto to stop tampering by Russia and China

Former Secretary of State HIllary Clinton has said that cryptocurrency markets need stricter regulation to protect themselves from technological manipulation by Russia, China and others.

Her cryptocurrency comments were part of a larger segment in an interview with MSNBC TV news presenter Rachel Maddow on Nov. 24 about the manipulation of social media platforms by certain nations.

Clinton’s warning extended to “technology of all kinds” that states and non-governmental entities could use to destabilize countries and the dollar as the world’s reserve currency. She said, “There is one other thing looming on the horizon that people are just starting to pay attention to and that is the need to regulate the cryptocurrency market.”

“Imagine the combination of social media, the accumulation of even larger sums of money through the control of certain cryptocurrency chains,” she said.

“We’re not just looking at countries like China, Russia or others that manipulate technologies of all kinds to their advantage. We look to non-state actors who are destabilizing the dollar as a reserve currency either together with states or in their own destabilizing countries. “

Her particular focus was on how social media platforms used to influence elections through disinformation could be combined with the cryptocurrency markets to help state and non-state actors destabilize other countries. While she didn’t go into detail, it could be through market manipulation, production hype, or even social media troll farms staging a financial crash.

In recent years, nations have used or publicly considered cryptocurrencies to circumvent economic sanctions from the United States.

Most notably, North Korea has used cryptocurrencies to fund the nuclear weapons program. The country has also used privacy coins and various other methods to avoid detection.

Related: Digital currencies have no bearing on U.S. sanctions, the treasury manager says

The Iranian government has also publicly spoken out in favor of the cryptocurrency. In early 2020, Saeed Muhammad, commander of the Islamic Revolutionary Guard Corps, specifically urged Iran to use cryptocurrencies to evade sanctions.

In recent weeks, Clinton has spoken out against the problems that cryptocurrencies can pose for the global dominance of the US dollar. She said at the Bloomberg New Economy Forum in Singapore on November 19 that while cryptocurrencies are an “interesting” technology, they can have a negative impact on the United States and other countries, “they may start with small but go much bigger”.