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Elon Musk reappears in the crypto ecosystem with a message for regulatory bodies

The CEO of Tesla warned that governments can "hamper the progress" of cryptocurrencies.

After several months outside the crypto ecosystem – at least from the “media” wing – Elon Musk reappeared with strong statements against regulatory bodies. While major powers such as the United States debate indoors how to regulate the crypto market, the CEO of Tesla assured that no government will be able to destroy it.

Crypto regulation has been one of the big themes of 2021 in the ecosystem. With the recent repression of China and the delay of the United States, the matter has taken on considerable relevance, and all the referents speak daily about benefits, risks and potential solutions to problems that may arise.

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In an interview with Kara Swisher, Musk openly advised the US government not to advance legislation to regulate the market, but to simply “let it fly.” In addition, he remarked that both bitcoin (BTC) and the rest of the altcoins are valuable for the financial system.

“They can reduce error and latency in the monetary system.”

“When governments cannot remove their hand from the cookie jar and edit the money database, it probably has some value, “said the tycoon. And he added: “I would say don’t do anything. In fact, I would say, let it fly. ”

“Cryptocurrencies cannot be destroyed, but governments can slow their progress.”

Finally, the businessman explained what – according to his point of view – were the reasons for the Chinese government to prohibit mining and crypto trading. First, Musk explained that the decentralized nature of cryptocurrencies runs counter to the Chinese Communist Party’s ambition for control.

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“Cryptocurrencies aim to reduce the power of centralized government and they don’t like that,” added the CEO of SpaceX. In second and last place, he mentioned the energy consumption demanded by crypto mining as the other factor that drove its ban in the Asian giant.

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