Tesla CEO Elon Musk <a href="https://www.cnbc.com/2021/09/28/tesla-ceo-elon-musk-says-us-government-should-avoid-regulating-crypto.html" target="_blank" rel="nofollow noopener">suggested </a>on Tuesday that the US government should step back from regulating the cryptocurrency industry.
<h2>Elon Musk Believes The US Government To Step Back From Regulating Cryptocurrency</h2>
“It is not possible to, I think, destroy crypto, but governments can slow down its advancement,” Musk made the remarks during the <a href="https://www.reuters.com/business/autos-transportation/musk-says-biden-administrations-ev-policy-controlled-by-unions-code-conference-2021-09-28/" target="_blank" rel="nofollow noopener">Code Conference </a>in Beverly Hills, California.
Musk was on stage answering a question from New York Times journalist Kara Swisher. She inquired as to whether the United States government should be involved in regulating the crypto realm.
“I would say, ‘Do nothing,” he said
Tesla said earlier this year that it had acquired $1.5 billion in Bitcoin. As Bitcoin prices rose in the second quarter, the value of such assets increased to around $2.5 billion. 

Bitcoin, like other cryptocurrencies, has since fallen in value.

Musk, who has regularly tweeted his support for different digital coins, is positive on the role of cryptocurrency in potentially decreasing “error and latency” in conventional money systems. However, he admitted that cryptocurrency did not hold all of the remedies to society's issues.
“I wouldn’t say that I’m a massive cryptocurrency expert,” said Musk. “I think there’s some value in cryptocurrency, but I wouldn’t say it’s the second coming of the Messiah.”

<h2>Tesla's CEO On China's Cryptocurrency Crackdown</h2>
Musk also spoke on China's role in cryptocurrency <a href="https://www.cryptoknowmics.com/news/over-10000-mining-equipment-seized-in-inner-mongolia/">mining</a> and regulation.

China's central bank announced harsher steps in its broader crypto <a href="https://www.cryptoknowmics.com/news/chinese-regulators-intensify-crackdown-against-cryptocurrencies/">crackdown</a> last week, including beefed-up infrastructure to monitor crypto-related transactions.

Musk stated that the heavy hand is most likely due to the country's "severe energy-generating difficulties."
“Part of it may be due to electricity shortages in many parts of China,” said Musk. “A lot of South China right now is having random power outages, because the power demand is higher than expected.”
“Crypto mining might be playing a role in that,” he said.
At a higher level, the Chinese government may have difficulties due to the decentralized structure of cryptocurrencies.
“I suppose cryptocurrency is fundamentally aimed at reducing the power of a centralized government,” Musk said. “They don’t like that.”
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US Government Should Step Back from Regulating Cryptocurrency - Elon Musk

Tesla CEO Elon Musk suggested on Tuesday that the US government should step back from regulating the cryptocurrency industry.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

US Government Should Step Back from Regulating Cryptocurrency - Elon Musk

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