Former US Secretary of State Hillary Clinton warned that cryptocurrencies have the potential to dampen the dollar’s roll and destabilize nations. She said during a virtual appearance at the Bloomberg New Economy Forum in Singapore on Friday.
Clinton said that China is prepared to stop cryptocurrency-like payment systems in the country because “they believe, given their nationalism, perhaps more than other countries … that it could be a direct threat to sovereignty.”
“When we’re talking about decision-making and trying to strategize and form alliances, there’s a whole new layer of activity that can be extremely volatile and in the wrong hands or in alliances with the wrong people, many people.” There could be a direct threat to our nation-states and certainly to global currency markets,” she said, as quoted by Bloomberg.
The development comes days after Alphabet and Google’s Chief Executive Officer (CEO) Sundar Pichai spoke about their cryptocurrency plans and revealed that he expressed his desire in an interview with Bloomberg Television. “I’ve dabbled in, you know, in and out,” Pichai said.
Interestingly, Pichai said in 2018 that his 11-year-old son was mining the cryptocurrency Ethereum on the family PC at home. “Last week I was at dinner with my son and I was talking a bit about bitcoin and my son clarified that I was talking about Ethereum, which is a little different,” Pichai said. “He’s 11. And he told me he’s mining it.”
Meanwhile, Indian Prime Minister Modi, speaking at the Sydney Dialogue, called on all democratic countries to ensure that cryptocurrencies do not fall into the wrong hands and spoil the youth. In his speech, the PM said, “But we also face new risks and new forms of conflict in various threats from the ocean floor to cyber to space. Technology has already become a major instrument of global competition and is the key to shaping the international order of the future.”
Disclaimer: Cryptocurrency is an unregulated space and digital currencies are not backed by any sovereign authority. Investing in cryptocurrency comes with market risks. This article does not claim to provide any kind of financial advice for trading or buying cryptocurrency.