Elon Musk Commented on China's Cryptocurrency Bans

Elon Musk commented on China's cryptocurrency bans. Musk believes that governments cannot destroy cryptocurrencies.

Tesla CEO Elon Musk evaluated the cryptocurrency bans imposed by China at the Code Conference on September 28. According to Musk, the Chinese government does not like cryptocurrencies. Musk did not fully say why China is introducing such harsh regulations on cryptocurrencies. Musk claims that the Chinese Communist Party has banned cryptocurrencies because it believes cryptocurrencies pose a threat to the central government. In addition to these, Elon Musk noted: “My guess is cryptocurrencies are basically aimed at reducing the power of the central government and they don't like that.” Musk thinks cryptocurrencies are valuable because governments can't control it, adding: "You know, governments can't take control of cryptocurrencies or regulate the currency database of cryptocurrencies. That's why cryptocurrencies are valuable." According to Elon Musk, the mining ban may also be related to the increasing power outages that are currently plaguing China's southern provinces. While it may seem impossible to eradicate cryptocurrencies, governments retain the ability to slow the progress of the cryptocurrency industry. Apart from that, Musk believes that the US Securities and Exchange Commission should do nothing when it comes to regulating cryptocurrencies. Elon Musk, CEO of electric vehicle manufacturer Tesla, concluded his words as follows: "I can't say I'm a big cryptocurrency expert. There is some value in cryptocurrency. I don't see it as a second coming of Christ or something sacred. I hope cryptocurrencies reduce the error and lag in the current monetary system."