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What World Political Leaders Think About Cryptocurrencies

What World Political Leaders Think About Crypto; Modi to Take Final Call in India

Various world leaders share a wide range of opinions regarding the use of cryptocurrency. While some leaders are in favour of the use of cryptocurrency, some fear that the use of crypto may lead to the slow extinction of traditional coins.

What World Political Leaders Think About Crypto; Modi to Take Final Call in India
What World Political Leaders Think About Crypto; Modi to Take Final Call in India
outlookindia.com
2021-12-11T13:59:01+05:30

Different world leaders have multiple shades of opinions on the ongoing debate on cryptocurrency. From Prime Minister of India Narendra Modi to President of Russia Vladimir Putin, German Chancellor Olaf Scholz and former US Democratic presidential candidate and Secretary of State Hillary Clinton have expressed their opinions on cryptocurrency. 

 

While speaking at a virtual summit hosted by U.S. President Joe Biden on Friday, Prime Minister Modi said that emerging technologies such as cryptocurrencies should be used to empower democracy, not undermine it.

 

Earlier, while addressing the Sydney Dialogue on November 18, PM Modi urged democratic nations to work together to halt the misuse of technological innovations like cryptocurrency. "It is important that all democratic nations work together on this and ensure that it does not end up in the wrong hands, which can spoil our youths,"  Modi mentioned in a tweet. The government of India previously mentioned that Modi would take the final call regarding the regulatory framework for cryptocurrency in India, 

 

President of Russia Vladimir Putin said that he believes cryptocurrencies have value, but he is not convinced that they can completely replace the US dollar in the settlement of oil contracts, CNBC reported on October 2021.  

 

Newly elected German Chancellor Olaf Scholz cautioned over a "tulip"-style bubble growing in the crypto market—adding "the currency monopoly" must stay in the "hands of states," Forbes reported. 

 

"I do not support private-sector digital currencies," he said last year (2020), and further added, "We must do everything possible to make sure the currency monopoly remains in the hands of states."

 

During a panel discussion at the Bloomberg New Economy Forum in Singapore in November 2021, the former Democratic presidential candidate and Secretary of State Hillary Clinton said that cryptocurrency widespread adoption could undermine traditional currencies, including the dollar, and destabilize nations, big and small, reported Business Insider.

 

"What looks like a very interesting and somewhat exotic effort to literally mine new coins in order to trade with them has the potential for undermining currencies, for undermining the role of the dollar as the reserve currency, for destabilizing nations, perhaps starting with small ones but going much larger," she said.

While world political leaders considerably share a range of opinions on crypto, the same holds true for world business tycoons. When on one hand,  Tesla CEO, Elon Musk has always supported crypto, on the other hand, Warren Buffett's business partner has been extremely sceptical of the crypto. 

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