February 20, 2024

Congress fears cryptocurrency could threaten dollar

Congress fears cryptocurrency could threaten dollar

The United States Congressman, who proposed to ban cryptocurrency, again unleashed his criticism onthis type of asset.

During the last hearing on the digital currency Libra on October 23, Brad Sherman made new criticisms of bitcoin and alleged cases of its use.

Sherman, who has already opposed any currency that threatens the dollar as a global reserve currency, said:

Cryptocurrency either doesn't work, in which case investors loseA lot of money – or it can achieve its goals and displace the dollarIn this way, it will prevent it from being the de facto only reserve currency in the world.

His comments coincided with a sharp decline in the digital asset market, with the BTC/USD trading pair falling by 8%, reaching the low of July this year. 

Sherman added that, in his opinion, preciselycriminals prefer to use cryptocurrency to conduct their fraudulent operations. However, this is contrary to statistics, which confirms that the dollar remains the most popular tool for money laundering and terrorist financing.

Based on materialscointelegraph.com