Elon Musk advised the US authorities to abandon the regulation of cryptocurrencies

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During a speech at the Code Conference, Tesla CEO Elon Musk said that the American authorities would not be able to destroy cryptocurrencies.

Elon Musk answered a question from New York Times journalist Kara Swisher about whether the US government should regulate the cryptocurrency industry at all:

“I don’t think it will be possible to destroy cryptocurrencies just like that. Governments can only slow down development and innovation in this segment. So I would say that they just don’t have to do anything. ”

Musk, who frequently writes about cryptocurrencies on Twitter, admitted that he cannot call himself an expert in the field of digital assets. However, he believes that cryptocurrencies can reduce errors and delays in traditional financial systems.

“I cannot say that I am a major expert in cryptocurrencies. I think there is a certain value in such assets, but I cannot call them a panacea for any problems, ”Musk said.

The Tesla CEO also touched on the issue of tightening the bans on mining and the use of cryptocurrencies in China. He believes that the bans on mining are related to the lack of electricity in the southern regions of the Middle Kingdom, and the ban on the use of cryptocurrencies is related to the threat that the Chinese government sees in such assets.

Interestingly, the Chinese government initially introduced mining bans after it was Elon Musk who pointed out significant greenhouse gas emissions from cryptocurrency mining. Musk himself admitted shortly thereafter that the cryptocurrency industry was becoming greener.

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