Cryptocurrencies has been labelled as potentially harmful
Cryptocurrencies may destabilise countries
Former US Secretary of State Hillary Clinton has stated that cryptocurrencies have the potential to destabilise countries. Cryptocurrency has the potential to undermine global monetary markets and governments. At a Bloomberg New Economy symposium, former US Secretary of State Hillary Clinton cautioned against the perils of digital assets, according to New York Times journalist Ben Smith.
“What appears to be highly exciting and exotic could destabilise countries, damage currencies, and threaten the dollar’s function as a reserve currency,” Clinton said. – A whole new level of activity has emerged that could be very disruptive and, in the wrong hands, could be a direct threat to many nations and certainly to global currency markets.”
Changpeng Zhao, head of the largest cryptocurrency exchange Binance, also called cryptocurrency a potential threat. At the same time, he noted that digital assets do not need to be attacked. According to Zhao, this is a technological innovation that should be taken advantage of. The head of the cryptocurrency exchange himself barely invests, but his portfolio includes bitcoins bought in 2014 and Binance tokens.
Earlier in October, the threat to the dollar from cryptocurrencies was reported by U.S. Treasury Undersecretary Wally Adeyemo. He also noted that digital assets could negatively affect sanctions. However, in November Adeyemo said that cryptocurrencies could not make the U.S. sanctions less effective. The deputy secretary of the Treasury was also confident that the growing popularity of cryptocurrencies was not a threat to the dollar.
The Federal Bureau of Investigation (FBI) disagrees with Adeyemo’s views. In November, the FBI said that hacking attacks, which carry a threat to the national economy, have remained a frequent occurrence due to the rising price of bitcoin and other cryptocurrencies. The increase in the value of digital assets, according to the government agency, has strengthened cybercriminal networks.
