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ECONOMY: How Crypto and Blockchain are influencing Geopolitics

ECONOMY: How Crypto and Blockchain are influencing Geopolitics
By: Connor Blenkinsop
via GEO´ Málaga Technology Centre

The world is a constantly changing place — and from an economic standpoint, things are dramatically shifting, too. Two major superpowers, the United Statesand China, are embroiled in a dramatic trade war where tit-for-tat tariffs havebeen placed on goods — breeding uncertainty for consumers and businesses alike and making everyday products more expensive.

The United Kingdom is still embroiled in a messy divorce from the European Union, and Russia is ratcheting up tensions with its neighbors in the West.

All of this geopolitical drama has two effects. Firstly, it can wreak havoc on the markets, wiping billions of dollars off the value of major companies and affecting employment rates in the world’s economies. Secondly, it is prompting some enthusiasts to passionately advocate for crypto and blockchain taking a bigger role in the economy.They say it could help bring down borders, making international payments faster and less expensive, while encouraging trade between nations.

That said, crypto and blockchain are also creating new geopolitical challenges. North Korea has faced allegations that a sophisticated group of hackers are launching cyberattacks on major exchanges in neighboring South Korea and other parts of Asia. Millions of dollars have been lost, with each incident shaking consumer confidence to its core. India has also been resolute in its decision to push ahead with a cryptoban.

This could have ramifications for the likes of Facebook, which is hoping to launch a stablecoin that would benefit the unbanked. The Libra project is also creating tensions around the world, with many countries — the U.S. and the EU among them — concerned that the cryptocurrency could undermine traditional payment infrastructure and overtake the dollar and the euro.

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