September 27, 2020

Congress fears cryptocurrency could threaten dollar

Congress fears cryptocurrency could threaten dollar

The United States Congressman, who was proposing a ban on cryptocurrency, once again criticized this 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 does not work - in this caseinvestors lose a lot of money - either it can achieve its goals and crowd out the US dollar, thereby preventing it from actually being the only reserve currency in the world.

His comments coincided with a sharp decline in the digital asset market, the BTC / USD trading pair fell 8%, reaching a 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.

According to the materials cointelegraph.com