The Potential Geopolitical Impact of CBDC Adoption
On March 1, Yaya Fanusie, the policy director of the Cryptocurrency Lobbying Organization \”Cryptocurrency Innovation Committee (CCI)\”, said in an interview tha…
On March 1, Yaya Fanusie, the policy director of the Cryptocurrency Lobbying Organization “Cryptocurrency Innovation Committee (CCI)”, said in an interview that the sanctioned countries are seeking to conduct transactions on financial infrastructure not controlled or seriously affected by the United States in order to transfer funds across the border more freely; If the United States continues to “wait and see” and lags behind in the adoption of CBDC, this may cause “trouble” and lead to unpredictable “geopolitical impact” over time.
The policy director of the Encryption Innovation Commission called on the United States to stop its “wait-and-see” attitude towards CBDC
Interpretation of the news:
In an interview with Yaya Fanusie, the policy director of the Cryptocurrency Lobbying Organization “Cryptocurrency Innovation Committee (CCI)”, he expressed concerns about the potential geopolitical impact of lagging CBDC adoption in the United States. Sanctioned countries are eager to conduct transactions on financial infrastructure that is not controlled or seriously affected by the US in order to transfer funds more freely across borders. This need for financial freedom could cause major trouble if the US continues to “wait and see” with the adoption of CBDC.
Sanctioned countries are looking for alternative financial systems that will provide them with more financial freedom. These countries, who face financial restrictions, are turning towards cryptocurrency to bypass the traditional financial system. Cryptocurrencies can provide these countries with greater financial freedom since the transactions are conducted on decentralized financial infrastructure that is beyond the jurisdiction of any one country. Fanusie suggests that there needs to be a greater sense of urgency in the US regarding CBDC adoption; otherwise, it could lead to perceived neglect and undermine the US’s ability to position itself as a world leader.
The potential geopolitical impact of this is significant. As Fanusie warns, it could lead to a major shift in the regional and global balance of power. For instance, if sanctioned countries find an alternative financial system that affords them greater financial freedom than they currently possess, the balance of power could shift from the US and its Western allies to these sanctioned countries. They could use this newfound financial might to become increasingly self-sufficient, which could have serious implications for the US and its economy.
In conclusion, Yaya Fanusie’s interview emphasizes the need for the US to accelerate its CBDC adoption to avoid any risk of losing its financial power and influence around the world. Sanctioned countries are actively seeking alternative financial systems that will provide them with more freedom, and if the US continues to “wait and see,” it could lead to foreseeable financial turbulence and a shift of global power.
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