InstaForex

November 25, 2021

‘Implement Crypto Laws To Stop Russian & Chinese Manipulation’-Former US Secretary

 Former United States (US) secretary Hillary Clinton called for strict laws to be implemented for the cryptocurrency market so as not to be the subject of manipulation by Russia, China, and other major countries.


Clearly, the presence of technology can be misused by various layers of entities to sue other countries, alongside the dollar as a reserve currency.


For example, cryptocurrencies: “Imagine social media and large sums of money combined through cryptocurrency chain control.”


Not only China, Russia, or any country that manipulates technology for their advantage, but also needs to pay attention to stateless entities, either along with unstable states or countries that want to destabilize the dollar as a currency reserve money.



Clinton likened this situation to how social media platforms work, being a space to influence voting results through untrue information.


So it is not impossible that such a bad opportunity if combined with the cryptocurrency market can trigger the instability of the reserve currency for a country.


The closest example can be seen when North Korea uses cryptocurrencies to launch a nuclear weapons program so that their activities are not tracked by outsiders.


Meanwhile, in early 2020, Islamic Revolutionary Guard Corps commander Saeed Muhammad suggested the use of cryptocurrencies to Iraq to avoid sanctions.


Perhaps the presence of cryptocurrencies is considered an attractive technology but it still has a negative impact on the US.