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Former US President's deputy security advisor says Blockchain can wage a war

Feb 09, 2018 Posted /  25543 Views

Former US President's deputy security advisor says Blockchain can wage a war

Nobody knew if there was could be a possibility of financial embargoes and this man made them true, he was former President George W. Bush's deputy assistant, Juan Zarate. This was the same man who cut out terrorist fundings through his strategic tools after The United States of America faced 9/11 attacks. Now he is concerned that cryptocurrencies can be used to weaken his strategies.

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Zarate who was also the former deputy national security advisor for combating terrorism and widely recognized for developing sanctions tools and financial tools that might put pressure on enemies of the state. But as the use of blockchain technology expands and it starts to collapse the borders, thus helping the unbanked, Zarate is concerned that it might also be weaponized to fulfil the illicit means.

Zarate told the media that:

"There are nefarious actors out there, including state actors like North Korea and Iran that are looking to the use of digital currencies and related technologies, at a minimum as a way of circumventing the current global order which limits their access to capital. But ‎these capabilities and technologies could also be a way for them to try to undermine global financial commercial systems at some point."

Zarate made it clear that he purports the idea that blockchain and cryptocurrencies and the thought of presenting "greater autonomy" to the populace, which will also in turn potentially boost the "commercial activity."

The Former deputy security advisor now works as a senior adviser at Washington D.C.-based think tank called- CSIS (Center for Strategic and International Studies). The Bush's assistant was also amongst the blockchain's earliest advocates, having been an advisor to U.S. cryptocurrency exchange Coinbase since 2014.

However, he's resolute that there needs to be more clarity about how even governments are employing the blockchain as the geopolitical nature of the financial system could assist in reimagine. Zarate explains that his financial tools were successful because USD is considered as the de-facto global reserve currency. He says that when you prepare strategies to completely cut off a nation's access to the dollar, you are limiting its ability wage war or undermine US interests.

Iran has recently entered into terms with cryptocurrencies and its own temporary sanctions relief has been questioned by U.S. President Donald Trump. The US president last month expanded on the topic and said what could be summed up as strict sanctions against North Korea. Zarate didn't reflect precisely on the potential impact of the sanctions or the number of startups that are finding the support of blockchain solutions as a way to simplify international investment. Still, he thumped a perhaps halting tone about what he finds as their possibly mistaken intentions.

Zarate said:

"Actors that are less invested in the global financial commercial system are likely to be more reliant on technologies or techniques that give them asymmetric capabilities to threaten that very system."

Zarate draws conclusions on the lines more focused on what happens when the different financial variable changes and blockchains and cryptocurrencies aren't so theoretical anymore.

"I'm incredibly optimistic about these technologies, but having witnessed failures in the past of regulation and recognition of risk, and cascading risk, I want to make sure that with adoption comes evaluation of where those risks lie," Zarate comments in a concluding statement:

"And a recognition that we need greater transparency and not less, if we hope for these technologies to take hold."


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