Benzinga | Sep 29, 2021 10:19AM EDT

Elon Musk Opposes Crypto Regulation, Says It's Impossible To 'Destroy Crypto'

Tesla Inc. (NASDAQ:TSLA) CEO and top Dogecoin (CRYPTO: DOGE) proponent Elon Musk suggested that regulators should refrain from regulating crypto since all that they can do is "slow down its advancement."

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What Happened: According to a Tuesday CNBC report, Musk said at the Code Conference in California that "it is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement."

The decentralized nature of crypto may pose a challenge for the Chinese government's most recent attempt at a ban, he said.

The Dogecoin proponent pointed out that crypto "is fundamentally aimed at reducing the power of a centralized government," which governments "don't like."

China's crackdown is likely also partly fueled by "significant electricity generation issues," especially considering the country is "right now is having random power outages, because the power demand is higher than expected" and "crypto mining might be playing a role in that."

Musk said he is not a "massive cryptocurrency expert," but he stressed that regulators should avoid trying to slwo down crypto's adoption.

He has gone as far as to suggest the United States government should "do nothing" when it comes to cryptocurrency regulation.

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Elon Musk at the Shanghai Gigafactory groundbreaking. Photo courtesy of Tesla.