Cryptocurrency Regulation: Elon Musk Suggests Government “Do Nothing”

LOS ANGELES | The capricious head of Tesla, Elon Musk, believes that the US government should not interfere in the regulation of cryptocurrencies, as its growing popularity has increasingly concerned authorities around the world.

• Also read: Crypto transactions are now illegal in China: bitcoin falls 6%

• To read also: The earnings of your bitcoins are subject to taxes

“It is not possible to destroy cryptocurrencies, but it is possible that governments slow down their progress,” he said Tuesday at the “Code Conference”, which brings together players from the technology sector in Beverly Hills.

When asked what the United States should do, he replied: “I would say do nothing. Leave him alone ”, before specifying that he does not consider himself a“ great expert ”on this subject.

Expert or not, your tweets regularly influence the prices of these highly volatile, decentralized digital currencies.

In February, automaker Tesla reignited the flames of the market by buying $ 1.5 billion in bitcoin and announcing that its customers could pay with cryptocurrencies.

But Elon Musk took a turn a few weeks later, stating that bitcoins were no longer accepted for the sake of preserving the environment.

“I think there is value in cryptocurrencies, but I don’t see a second messiah like some people,” he pondered Tuesday.

More and more cryptocurrency platforms are offering services similar to traditional banks, a trend that worries regulators.

The Central Bank of China on Friday bluntly ruled that all financial transactions involving cryptocurrencies were illegal.

“I imagine that the fundamental purpose of cryptocurrencies is to reduce the power of centralized governments, and they don’t like that,” Elon Musk joked about China.


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