Elon Musk urges free operation of cryptocurrency by US Regulators

0
117

 

The Chief Executive,Tesla Elon Musk has advocated that United States regulators should allow the cryptocurrency to operate freely .

Musk made this view at a Code Conference in Beverly Hills on Tuesday, as governments around the world fret over cryptocurrency threatening their control of financial systems.

When asked by a reporter about cryptocurency ,Musk said “I would say, do nothing,I would actually say, just let it fly.”

US Securities and Exchange Commission chair Gary Gensler said earlier at the conference there is potential for cryptocurrency to be considered a security, and platforms to be seen through the lens of those regulations.

China’s central bank last week said all financial transactions involving cryptocurrencies are illegal, sounding the death knell for the digital trade in the country after a crackdown on the volatile currencies.

“It is not possible to destroy crypto, but it is possible for governments to slow down its advancement,” Musk said during the on-stage interview.

The global values of cryptocurrencies, including Bitcoin, have fluctuated massively over the past year, in part due to Chinese regulations, which have sought to prevent speculation and money laundering.

“It would appear they don’t love cryptocurrency; it’s subtle but hinting in that direction,” Musk quipped when asked about the crackdown in China.

“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralised government, and they don’t like that.”

Part of China’s concern could also be over electricity shortage problems, as mining cryptocurrency uses massive amounts of power, Musk reasoned.

Tesla early this year announced it had bought $1.5 billion worth of Bitcoin, and dabbled briefly with letting people pay for its electric cars in the cryptocurrency.

“I wouldn’t say that I am some massive cryptocurrency expert,” Musk said.

“I think there is some value in cryptocurrency. I don’t think it is like the second coming of the messiah, which is what some people seem to think.”AFN

Previous articleDesist from infraction, AGF warns IPPIS role players
Next articleStop food wastage as 811m people are hungry, UN appeals
Francis Ogwo
The young and goal driven writer and cinematographer started his journalism as a print journalist in Kaduna in 2005 writing for Kaduna Chronicles Newspapers, Liberator Newspapers where he became the South Bureau Chief. In 2008, he moved into TV production with an employment into Siverbird Television and Rhythm Fm as a Correspondent. He got certified by Independent Television Producers Association of Nigeria(ITPAN) in 2009. After five years of hardwork and training, he was employed as Associate Producer, Moments With Mo and subsequently Producer, Playground on HipTV. Francis currently majors in documentaries and high profile scripts for news and movies. He is currently a Senior Contents Producer at News Central TV

LEAVE A REPLY

Please enter your comment!
Please enter your name here