Cryptocurrencies Have Evolved Into a Political Threat for the United StatesJune 26, 2019
The sanction is one of the essential tools of the United States. The US imposes typically sanction on any country that it considers to be a threat. The US has a significant bargaining advantage when it comes to imposing sanctions on its rivals. With the coming of the cryptocurrencies, the situation has taken a turn, and opponents of the US are turning to cryptocurrencies to evade sanctions.
Iran and Russia are the major rivals of the US. They have united openly. If Turkey joins them, the situation might become tense in the Middle East. If the newly formed alliance between the rival countries will adopt Bitcoin, then things will progress from being bad to worse.
If there would be a better currency than the USD, then countries like Africa and Asia will as well join the new alliance. To sustain its dominance, the attitude of these countries are essential for America.
However, an increasing concern is that if the drug lords would begin to accept cryptocurrencies, then everything can become useless. The political backing enjoyed by the US is due to the global adoption of cryptocurrencies. This dominance is one reason behind how America was able to compel the governments in different countries like Columbia to crackdown to the various cartels in the regions. The end of the dominance would not be a pleasant experience for ordinary people.
So, cryptocurrencies have evolved into a political threat for the United States. Other than this, the other concerning factors relating to cryptocurrencies are tax evasion, terror funding, and money laundering.
More trouble is brewing and would explore if the Facebook currency will become a success. It is hoped that Libra will be used by billions of people from across the world. It is expected that Libra will replicate every kind of problem which has been generated by Facebook. Eventually, the technological innovation which was thought to be a liberator of people from the hands of governments might put control into handfuls of corporations.
The critical point about Libra is that the transfer of money from one person to another will become as easy as transferring information. The white paper of Facebook states, “Should be as easy and cost-effective as—an even safer and secure than—sending a text message or sharing a photo.”
Financial networks become yet another information networks just like any other social network.