Hilary Clinton sees cryptocurrencies destabilizing nations

Hillary Clinton thinks the widespread adoption of cryptocurrency could undermine traditional currencies, including the dollar, and destabilize nations, big and small.

The former Democratic presidential candidate and secretary of state made the comments via webcast during a panel discussion at the Bloomberg New Economy Forum in Singapore on Friday.

Clinton’s comments come as countries grapple with both the adoption and the regulation of cryptocurrencies.

China has banned the private use of cryptocurrencies, making all cryptocurrency-related business activities illegal.

The recently passed $1 trillion US infrastructure bill brings tougher rules on crypto-trading taxes.

Meantime, some developing nations are embracing crypto.El Salvador adopted bitcoin as legal tender in September with the hope of bettering its economy and Zimbabwe is considering doing the same.

The biggest companies in the world are already using blockchain, the technology that powers cryptocurrency, including Amazon, Cargill, CVS, IBM, Seagate, and Visa. CEOs including Elon Musk, Richard Branson, and Jack Dorsey, and government officials such as Miami Mayor Francis Suarez and incoming New York Mayor Eric Adams, have all voiced support for cryptocurrency and its wider adoption.

Meantime, North America has become the world’s biggest victim of ransomware attacks – paying a hefty $131 million in cryptocurrency to criminals in just one year amid the rapid rise of cryptocurrency adoption, a new study by Chainalysis showed.

Most of the crypto-based attacks were associated with Russia-based cybercriminal groups, the study added.

Clinton also addressed the topic of cybersecurity during the panel in relation to foreign disinformation campaigns and cyberwarfare that continue to pose challenges to the US and other Western states.