Elon Musk spoke out against strict regulation of cryptocurrencies in the USA

Tesla CEO Elon Musk believes that the United States should refrain from trying to regulate the cryptocurrency market. On Tuesday, he spoke at the Code Conference in Beverly Hills, where he said that «cryptocurrencies cannot be destroyed, but the authorities can slow down their progress.»

“I would say:“ Do nothing, ”Musk replied when asked how the authorities should approach control over the crypto space.

At the same time, the Tesla CEO recognized the potential of cryptocurrencies to reduce the «errors and delays» of the traditional financial system, but questioned their ability to solve all the problems of society:

“I would not call myself a major cryptocurrency expert. I think there is some value in cryptocurrencies, but this is not the Second Coming of Christ. «

The latest restrictions in China , affecting mining and trading , he associated with «significant problems in the production of electricity»:

“This may be partly due to the lack of electricity in many regions of China. In the south, supply problems now occur periodically because demand exceeds expectations. The mining of cryptocurrencies could not be the last factor in this. «

In addition, decentralized currencies are inherently inconsistent with CCP policies, Musk said:

“My guess is that cryptocurrencies are fundamentally focused on reducing the powers of a centralized government. They don’t like it. «

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