Amidst rising tensions in the White House between president Biden and his vice president Harris, the crypto space will possibly need to be on the look-out as former U.S. Secretary of State and Democrat Presidential Candidate Hillary Clinton warned about cryptocurrencies on Friday.
Calling on nations states to keep the popularity of crypto under control, she said during a panel discussion at the Bloomberg New Economy Forum in Singapore.
“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.”
Clinton’s comments follow the controversial crypto tax reporting requirement as part of the $1.3 trillion bipartisan infrastructure bill signed into law by U.S. President Joe Biden on Monday.
Starting 2023, brokers will need to disclose customers’ names, addresses, phone numbers, capital gains, and losses to the Internal Revenue Service. In addition, crypto transactions worth more than $10,000 will have to reveal the sender’s identity to Uncle Sam.
During the Forum, Clinton also criticized Russian President Vladimir Putin, accusing him of deploying “a very large stable of hackers and those who deal in disinformation and cyberwarfare.”
While leading crypto exchanges and other business are calling out for regulatory clarity of the crypto space, India’s Prime Minister, Narendra Modi, this weak called for a joint effort by democratic nations to ensure cryptocurrencies do not “end up in the wrong hands, which can spoil our youth.”
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