GeoTech Cues
Jun 30, 2021
Raghuveera with the Turkish Heritage Organization: A discussion on cryptocurrency at the global scale
By
the GeoTech Center
In a recent discussion with with the Turkish Heritage Organization, Nikhil Raghuveera highlights the geopolitical implications of cryptocurrencies and central bank digital currencies (CBDC). He explains the three ways blockchain technology affects foreign policy and global alliances. First, CBDC creates the opportunity for a separate payment system from the US dollar, which provides countries like China more political power and the ability to bypass US sanctions. Second, the lack of a standard regulatory framework around digital assets domestically and internationally exposes consumers to cyberattacks and financial risks. Third, many new applications will build upon existing decentralized financial technologies, which will require new international partnerships and relations. In order to create a more equitable world, Raghuveera advocates for the inclusion of marginalized communities and a broader consideration of stakeholders when creating these new technologies and subsequent regulatory policies.
