Representatives of the American IT industry oppose cryptocurrencies

In the United States, prominent digital technology experts have joined forces to call on U.S. lawmakers to take action to counter the rapid development of the cryptocurrency industry and the influence of its supporters. According to the Financial Times, this is the first collective attempt to counter the lobby, which is generously funded by blockchain companies.

IT representatives sent a letter to politicians criticizing the security and reliability of digital assets. Among the well-known IT professionals and scientists who signed the letter are a Harvard professor, a former Microsoft engineer, and a Google Cloud chief engineer. In total, 26 leading experts have signed the letter, which harshly criticizes blockchain and crypto investments.

«The claims made by blockchain supporters are not true. It is not secure and decentralized. Any system where you forget your password and thus lose your savings is not secure,» said Harvard professor Bruce Schneier.

The authors of the appeal called on American lawmakers to create a «safe zone for these risky, imperfect and untested financial instruments.» According to them, blockchain technology does not serve any real purpose, and the crypto community is «wasting millions of dollars worth of hardware because it has decided it does not trust the banking system.»