Former Secretary of state under the Obama administration, Hillary Clinton, has come out strongly against bitcoin and cryptocurrency, citing its threat to the dollar’s status as a reserve currency, at the Bloomberg New Economy Forum in Singapore. Clinton added that she feels that crypto can destabilize nations. One of her concerns is what happens when crypto falls into the wrong hands. Indeed, a Chainalysis report on North American DeFi growth also reports that North America has been the biggest victim of ransomware attacks between July 2021 and June 2022, second only to Western Europe. North Americans have disbursed $131M in cryptocurrency to ransomware perpetrators.
Clinton drew attention to China’s ban on cryptocurrency and how, by doing that, the Chinese government has protected its sovereignty. India’s Prime Minister Narendra Modi believes that democratic countries should work together to prevent criminals’ use of cryptocurrency at the Sydney Dialogue on Nov. 17, 2021.