"Crypto Could Destabilize Nations, Undermine Dollar's Reserve Currency Status", Hillary Clinton

[Budi]

Crypto Could Destabilize Nations, Undermine Dollar’s Reserve Currency Status, Hillary Clinton Says
Clinton called for a joint effort by nation-states to monitor cryptocurrencies’ rise.
Nov 19, 2021
https://www.coindesk.com/markets/2021/11/19/crypto-could-destabilize-nations-undermine-dollars-reserve-currency-status-hillary-clinton-says/

Former U.S. Secretary of State and Democratic presidential candidate Hillary Clinton slammed cryptocurrencies on Friday, calling on nation-states to keep a tab on their rise.
“One more area that I hope nation-states start paying greater attention to is the rise of cryptocurrency because 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,” Clinton said during a panel discussion at the Bloomberg New Economy Forum in Singapore.


While crypto fanboys have long hailed bitcoin as a better alternative to the U.S. dollar, traditional market pundits suggest otherwise. “Bitcoin is unlikely to replace the dollar as a global reserve currency,” Marc Chandler, chief market strategist at Bannockburn Global Forex and author of the book “Making Sense of the Dollar,” told CoinDesk last year. “Backing the dollar is the world’s biggest, deepest and the most transparent government bond market.”

Clinton’s comments come in the wake of controversial crypto tax reporting requirement that was part of the $1 trillion bipartisan infrastructure bill signed into law by U.S. President Joe Biden on Monday. Per the bill, from 2023 brokers will need to disclose customers’ names, addresses, phone numbers, capital gains, and losses to the Internal Revenue Service. Entities receiving crypto payments worth more than $10,000 will have to reveal the sender’s identity to the government.

Earlier this week, India’s Prime Minister Narendra Modi called for a joint effort by democratic nations to ensure cryptocurrencies do not “end up in the wrong hands, ....”
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Link to tweet

[awesomerwb1]

1. She really isn't

Those statements are very newbie statements. She's not even trying.

[George II]

24. When did Hillary Clinton become a "newbie"? I think she knows a bit about economics and....

....international trade.

[LetMyPeopleVote]

29. You are WRONG

You may want to consider using facts in your posts to back up your claims,

[Blues Heron]

2. one small quibble

what looks like a very interesting and somewhat exotic effort to literally mine new coins

Actually the new coins are virtually mined by essentially solving a math problem, and also computers are hardly exotic.

[Budi]

3. Regardless, THIS is the BFD in the timing of her panel discussion in Singapore

Clinton’s comments come in the wake of controversial crypto tax reporting requirement that was part of the $1 trillion bipartisan infrastructure bill signed into law by U.S. President Joe Biden on Monday.
Per the bill, from 2023 brokers will need to disclose customers’ names, addresses, phone numbers, capital gains, and losses to the Internal Revenue Service. Entities receiving crypto payments worth more than $10,000 will have to reveal the sender’s identity to the government.

Biden saw that it was written it in the BIF.

[awesomerwb1]

4. That was already being done.

I pay taxes on crypto.

Some people on this board probably saw the internet as a threat back in the day as well.

[Budi]

6. It is written into law, regulated via BIF.

I have no idea what you see as humorous regarding the regulating of the very exploitable, laundering of goods via crypto.

About time regulations are being made law in the crypto market.

[awesomerwb1]

7. What I find humorous

is a lot of people's ignorance summing up crypto as just used to "launder goods". Hilarious actually.

Get off my lawn?!!

DU needs a forum for younger people a lot more versed in technology. Some (most)of these (ignorant)comments about crypto are embarrassing.

[Tomconroy]

9. Young people need a forum that teaches the history

Of financial bubbles.

[awesomerwb1]

10. Perfect

No harm in learning from the past and present for a better future.

[Budi]

16. Ya. Cuz money laundering on a global organized criminal scale is just No big deal to the cool bros.

Crypto was Putin's preferred method of skirting international sanctions because it couldn't be traced.

But hey, the cool bros are like totally waaaay more knowledgeable about crypto than a bunch of old people, who hold a steady watch over Vlad's international criminal organization right?

Ya, you kids just go play, the adults will keep an eye on the darkest side our world for ya.
Have fun kiddos!

[George II]

27. Are you familiar with the Colonial Pipeline shutdown earlier this year? The criminals didn't...

...ask for cash in a black bag, they wanted to be paid $millions in bitcoin.

Just about every cyber crime perpetrated is accompanied with a demand to be paid using crypto currency.

[George II]

21. You're equating the internet to crypto? Can you elaborate, please.

[Budi]

22. Waiting.....

Guess we'll never know?

[Me.]

23. Geez Shouldn't You Be On Your Crypto Yacht Somewhere

instead of trying to impress here on DU

[Budi]

25. Crypto Yacht! Totally undetectable & untaxable.

👍

I'd like to read more on the crypto conference Sec Clinton joined in Singapore.

It'd be a fascinating convo.

[lapucelle]

28. There are new IRS reporting regulations in BIF that apply to brokers

and the industry in general, so no, that was not "already being done", even if hobbyists mistakenly think that it was.

Anyone who thinks that there's "nothing new to see here" might want to pay attention to serious people with genuine expertise like professional financial analysts, the cryptocurrency industry and markets, and even the IRS itself.

However, the new regulations have little to do with any new compliance that amateurs and daytraders need worry about. And that's probably a good thing, given that their "analysis" is often facile and superficial.

https://time.com/nextadvisor/investing/cryptocurrency/infrastructure-bill-crypto-taxes/

[Budi]

5. I believe she referred to another version of trade than Money, as being 'exotic'.

She didn't say computers were exotic.
I also believe she's not stupid.

Exotic, is the lure of an alternative means of trade & purchase, which we know as money, dollar...

[JT45242]

8. created to launder money

One of the main original reasons to create cryptos was to ease money laundering and make tracking the fundds harder.

Now people also looking to hide from taxes using them as well.

[awesomerwb1]

11. LOL Cool story.

Did you also think the internet was created just for porn as well?

[Budi]

12. It was Vladimer Putin who pushed it as a means to launder

But I wouldn't expect the exhuberance of youth to bother with mere details like that.

[Budi]

13. Yes it was. Vladimer Putun as a matter of fact!

Wonder what he had against the Dollar?

[awesomerwb1]

15. Oh so it wasn't Vladimir Putin?

Must Google (sorry, white pages won't help here dude) Vlademir Putun.

[Budi]

19. Your reply makes absolutely no sense. Thanks EarlG for the IGNORE feature.

Rant away young cool bro
The adults will be watching your little crypto back for ya!

Have fun! You go play now. K?

[George II]

26. Like it or not, some people use voice recognition software when making posts sometimes...

If you remember, you responded to an earlier post of hers where she correctly said "Vladimir Putin", but now you're ridiculing the use of "Vlademir Putun", which is probably a software input error.

Is that all you've got left?

PS - Budi isn't a "dude"!

PPS - how did your google search go?

[ColinC]

17. But crypto just makes things so much more fun!

I mean, who doesn't like their currency value in a state of complete suspense during each exchange?

[Baked Potato]

20. FinCen explains how Crypto currency is used in ransomware attacks.

Most ransomware schemes involve convertible virtual currency (CVC), the preferred payment method of ransomware perpetrators. Following the delivery of the ransom demand, a ransomware victim will typically transmit funds via wire transfer, automated clearinghouse, or credit card payment to a CVC exchange to purchase the type and amount of CVC specified by the ransomware perpetrator.

https://www.fincen.gov/sites/default/files/advisory/2021-11-08/FinCEN%20Ransomware%20Advisory_FINAL_508_.pdf