The Impact of Blockchain and Cryptocurrencies on Governments Around the world
Date: 16th Oct – WednesdayTime: 14:00-14:30Location: Ballroom A
Blockchain technology has caused us to compare and contrast cryptocurrency and sovereign currency. The term “sovereign currency” implies that nations control currency. However, the rise in peer-to-peer currencies, and privacy coins challenges that paradigm. Nations typically use financial institutions to influence, monitor, and control their populations. One of the first industries to criticize cryptocurrencies is the financial industry. However, as the adoption and value of cryptocurrencies continues to grow, retail and central banks become increasingly impacted. And, as banks become impacted, so do nations. This impacts how nations receive, manage and spend their financial resources. It impacts how nations spend on social and national security programs. The technology is also beginning to impact how governments deliver services and enforce legal compliance. It impacts virtually every aspect of government and governance.
Is the impact of these changes good or bad? Some nations are resisting the changes because they perceive the loss of sovereignty over their information and monetary systems. Others are embracing it to achieve independence and autonomy from larger economic powers. It impacts sanctions regimes, balance of power, national competitiveness and many, many more.
Come and discover how blockchain and crypto currencies are impacting the future of money, governance and the law, here and around the world!
Gerard Dache Executive Director at Government Blockchain Association