Avoiding new technologies and business methods has never produced positive results; Crypto Is No Different With the recent spate of crypto reporting and analysis between law, regulation and market sentiment, it would be understandable if a particular thread slipped under the radar; the connection between crypto assets and national security. At this point it has already been stated several times that the continued integration and use of crypto assets, be it bitcoins or stablecoins, represents a systemic threat that applies to the financial markets , the status of the US dollar as a global reserve currency, and the US’s strategic success abroad.
This couldn’t be further from the truth: Blockchain and crypto have proven to be perhaps the most disruptive technology since the development of the Internet, with applications and use cases still being discovered on a daily basis. some distortions and changes in the status quo, but this does not represent a national security risk, rather the continuous development and diffusion of crypto assets holds the potential for new and innovative applications in practically every economic sector.
Let’s take a look at how and why crypto assets should be considered a national strategic good and why their future development should be encouraged and nurtured.
Upgrading the dollar. One of the most prominent arguments made against cryptoassets is that they pose an existential threat to the status of the US dollar as the global reserve currency. There is no guarantee, it is true, that the dollar will also be the global reserve currency, but the assigning of blame on crypto is a short-sighted and an incomplete assessment of the situation. Instead of fearing the rise of crypto as a threat to the current position of the dollar, policymakers and regulators should embrace the benefits of crypto-based payments.
In other words, instead of going against anything that resembles crypto transactions without understanding the nuances and differentiations that exist, policy makers should try to incorporate the beneficial aspects of these instruments into existing structures. Blockchain and crypto payments have quantifiable benefits that are widely acknowledged, recognized, and should be leveraged as much as possible. The United States, and with it the dollar, faces tough competition in all areas of world trade, diplomacy and influence.
Why not make the dollar, the most powerful economic tool used by policymakers, the best and most up-to-date version of yourself?
