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GeoTech Cues June 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, nonresident fellow Nikhil Raghuveera highlights the geopolitical implications of cryptocurrencies and central bank digital currencies (CBDCs). 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, Mr. Raghuveera advocates for more inclusion of marginalized communities and a broader consideration of stakeholders when creating new financial technology and subsequent regulatory policies. To listen to the whole discussion, watch the video below.

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