Cryptocurrencies have the potential to weaken and destabilize entire nations over time, says Hillary Clinton, former US secretary of state and Democrat presidential candidate.
Clinton, who was addressing a panel on Friday at the Bloomberg New Economy Forum in Singapore, called for a joint effort by nation-states to monitor the rise of the asset class. She warned that cryptocurrencies could possibly undermine existing fiat currencies and the US dollar’s role of being the reserve currency
“One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency, because what looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger,” she said.
Clinton’s comments come amid news of a controversial crypto tax reporting requirement that was part of the $1 trillion bipartisan infrastructure bill signed into law by US President Joe Biden on Monday. According to the bill, from 2023 brokers will need to disclose customers’ names, addresses, phone numbers, capital gains, and losses to the Internal Revenue Service. Entities receiving crypto payments worth more than $10,000 will have to reveal the sender’s identity to the government.
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