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Harry Clinton warns cryptocurrencies can undermine the role of dollar, will destabilize nations

Clinton warned the rise of cryptocurrencies could threaten the status of the US dollar as the world's reserve currency and destabilize nations.

By: Tech Desk | Pune |
Updated: November 20, 2021 4:04:20 pm
Clinton warned the rise of cryptocurrencies could threaten the status of the US dollar. (Photo:AP)

Former US Secretary of State Hilary Clinton warned that cryptocurrencies have the potential for undermining the roll of dollar, and for destabilizing nations. She said on Friday during a virtual appearance at the Bloomberg New Economy Forum in Singapore.

Clinton said China appears poised to prevent payment systems such as cryptocurrency from in the nation because “they recognize, given their nationalism, perhaps earlier than other nations … that this could be a direct threat to sovereignty.

“When we’re talking about making decisions and trying to be strategic and building alliances, there’s a whole new layer of activity that could be extremely destabilizing and, in the wrong hands or alliances with the wrong people, could be direct threats to many of our nation-states and certainly to global currency markets,” she said, as quoted by Bloomberg.

This development comes days after Alphabet and Google chief executive officer (CEO) Sundar Pichai spoke about his cryptocurrency plans and revealed that he does not own any, adding that wish he did, in an interview with Bloomberg Television. “I’ve dabbled in it, you know, in and out,” Pichai said.

Interestingly, Pichai had said in 2018 that his 11-year-old son, was mining cryptocurrency Ethereum on the family PC at home. “Last week I was at dinner with my son and I was talking about something about Bitcoin and my son clarified what I was talking about was Ethereum, which is slightly different,” Pichai exclaimed. “He’s 11 years old. And he told me he’s mining it.”

Meanwhile, Indian Prime Minister Modi called on all democratic nations to ensure that cryptocurrency doesn’t end up in the wrong hands and spoil the youth while speaking at the Sydney Dialogue. The PM said in his speech, “But we also face new risks and new forms of conflict across diverse threats, from sea-bed to cyber to space. Technology has already become a major instrument of global competition and key to shaping the future international order.”

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.

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