Elon Musk: The US government shouldn’t regulate virtual currencies

“I would say ‘do nothing,'” Musk said when asked whether the US government should get involved in regulating cryptocurrencies …

“I think it’s impossible to destroy cryptocurrencies, but governments can slow the industry down,” Musk said at the Code Conference event in Beverly Hills, California.General Manager (CEOElon Musk of US electric car maker Tesla said on September 28th that the country’s government should avoid attempting to regulate the virtual currency market.

That was the answer Musk gave on stage when he received a question from the New York Times columnist Karra Swisher. Ms. Swisher asked if the U.S. government should get involved in regulating cryptocurrencies.

“I would say, ‘Don’t do anything,'” Musk said.

Earlier this year, Tesla announced 1.5. having bought Billion USD virtual money. The value of this investment rose to approximately 2.5 billion VND USD in Q2, when the price of Bitcoin skyrocketed, breaking a record of nearly $ 65,000. The price of the world’s largest virtual currency recently fluctuated above the 40,000 mark USD.

Musk is a very influential figure in the cryptocurrency market and often uses Twitter to express his support for a number of cryptocurrencies. He is optimistic about the role of cryptocurrencies in reducing “errors and delays” in the traditional monetary system. However, he also acknowledged that virtual currency does not provide the answer to all of society’s problems.

“I wouldn’t say I’m a great crypto expert,” Musk said. “I see some value in cryptocurrencies, but I don’t see cryptocurrencies as a second ‘savior’.”

During that performance, Musk – the world’s richest billionaire – also spoke about China’s role in virtual currency mining and virtual currency regulation.

Last week, the People’s Bank of China introduced stricter regulations to further tighten controls on virtual currency, including strengthening the system to monitor transactions related to virtual currency.

Musk said the Chinese government must step in to resolve “important power generation problems” in the country.

“Some of this could be due to power shortages in many parts of China,” said Musk. “In many regions in southern China there are rotating power outages due to an above-average demand for electricity. Cryptocurrency mining could be a cause. “

According to Musk, the decentralized nature of cryptocurrencies could pose more of a challenge to the Chinese government. “I think virtual currency is essentially about reducing the power of a central government. China doesn’t like that, “he said.

Diep Vu

VnEconomy