Elon Musk urges the US government not to do anything with its crypto regulatory plan, as he believes governments could hinder the advancement of cryptocurrencies. So let’s find out more in our latest crypto news.
Tesla CEO Elon Musk urges the US government not to do anything related to crypto regulation, and has advised officials to let cryptocurrencies “fly” instead of implementing laws.
He gave a reason why China is more hostile to cryptocurrencies. In a recent interview with Kara Swisher, Elon Musk shared his thoughts on some of the hottest topics in the crypto space. While Tesla’s founder admits not being a crypto expert, he claims that bitcoin and other altcoins are valuable to the financial network because they can reduce errors and delay cash flow by tens of millions of dong.
Another commendable point is that the decentralized nature of digital assets makes it difficult for authorities to control them:
“You know, if governments can’t stay away from the cookie jar and edit the currency database, it might be worth something.”
With this in mind, Musk urged US authorities not to regulate cryptocurrencies and went further by saying that doing nothing would be the best scenario:
“I would say do nothing. I would really say just let it fly. “
Tesla CEO believes authorities will not be able to run the crypto industry because they can only stagnate their progress:
“Cryptocurrency cannot be destroyed, but governments can slow its development.”
It is worth noting that in early August, just before the decisive vote on the US Congress’ crypto tax, Musk made a name for himself for those who opposed the implementation of the crypto regulatory framework. He said this is not the time to pick winners or losers in crypto as no crisis can force hasty legislation. According to Musk, there are two main reasons the country’s leadership is hostile to digital assets. First, altcoins are a major threat to the Chinese Communist Party, which wants to keep power central:
“Cryptocurrencies aim to reduce the power of centralized government, and they don’t like that.”
China has major problems generating electricity due to the unexpectedly high electricity demand. Think about the energy consumption that mining cryptocurrencies requires, so it’s not uncommon for local governments to ban this asset class.
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