What Elon Musk Said About Cryptocurrency Regulations

What Elon Musk Said About Cryptocurrency Regulations

Find out in this article what did the Tesla mogul said about new crypto regulations. Read on for more details and information. 

Find out in this article what did the Tesla mogul said about new crypto regulations. Read on for more details and information. 

Shortly after the government of China banned all operations with cryptocurrencies, and before the vote for the Infrastructure Law in the United States Congress, Elon Musk asked the US authorities not to regulate cryptocurrencies because with their intervention they could slow growth.

In this way, the CEO of Tesla once again clearly stated his support for the crypto industry.

"It is not possible, I believe, to destroy cryptocurrencies, but it is possible for governments to slow down their advance," he said during the California Code Conference. According to his vision, the decentralization posed by cryptocurrencies will be a challenge for the Chinese government, which recently announced the illegality of cryptocurrency mining and transactions.

In this way, the CEO of Tesla once again clearly stated his support for the crypto industry.

"I suppose cryptocurrencies are aimed at reducing the power of a centralized government," he remarked, "and they don't like this," Musk added. Furthermore, the renowned businessman and Dogecoin holder suggested that the latest Chinese crackdown on cryptocurrencies could have something to do with the country's "significant electricity generation problems."

"I suppose cryptocurrencies are aimed at reducing the power of a centralized government," he remarked, "and they don't like this," Musk added.

"Part of it may actually be due to electricity shortages in many parts of China. Much of southern China right now is having random power outages because the demand for power is higher than expected. Cryptocurrency mining could be playing a role in that," he opined.

Related Articles

More News

More News