“Cryptocurrencies threaten the status of the US dollar as a global reserve currency”

US House of Representatives Brad Sherman, known for his extremely negative attitude to cryptocurrencies, spoke at a hearing on the Facebook Libra project on October 23.

“I’m not going to oppose Facebook. I reacted negatively to cryptocurrencies even when you had similar views, ”he said, addressing Mark Zuckerberg and recalling the ban on advertising cryptocurrency projects on a social network.

Sherman, who was always sure that the US dollar was not in danger, suddenly saw a certain danger from cryptocurrencies:

“Either it doesn’t work out and investors lose money, or the project achieves its goals, and in this case, it may supplant or impede the existence of the US dollar as virtually the only reserve currency in the world,” he said.

The congressman also expressed doubts about the motivation of Facebook, according to which the company with the help of Libra wants to open access to financial services to a huge number of people on the planet.

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“One of the richest people on the planet comes here and tries to hide behind the poor people whom he allegedly wants to help?” In fact, you want to help those for whom the dollar is a bad currency: drug dealers, terrorists and tax evaders. ”

Recall that in May Sherman proposed to enact a law banning the purchase of cryptocurrencies. Then he said that “cryptocurrencies directly compete with the US dollar and are trying to deprive it of influence.”