The National Intelligence Council has foreseen the advent of digital currencies as one of the main drivers that will contribute to a leaderless and unstable world in the coming decade.
As reported by Bloomberg, the National Intelligence Council believes that cryptocurrencies like Bitcoin (BTC), Ethereum (ETH) as well as other factors like artificial intelligence (AI), climate change and space races have the potential to change the global arena.
Based on the context of the Council’s report, which is released every four years, global fiat currencies such as the US dollar and euro will be threatened by new monetary systems or technologies. According to the message:
“Privately issued digital currencies could make monetary policy more complex by reducing countries’ control over their exchange rates and money supply.”
The report also highlighted the influence of artificial intelligence and the proliferation of digital technologies, all of which have a tendency to introduce unconventional innovations that open the door for both states and non-state actors to “influence the population, including through ratcheting cognitive manipulation and societal polarization . “
Cryptocurrencies are becoming a more well-known threat
In a recent annual letter to shareholders to Jamie Dimon, chief executive officer of American banking giant JPMorgan Chase & Co, cryptocurrencies were highlighted as part of the “huge competitive threat” facing the banking industry. According to him;
“There are serious issues that need to be resolved – and fairly quickly: the growth of shadow banking, the legal and regulatory status of cryptocurrencies, the proper and improper use of financial data, and the enormous risk cybersecurity poses to the system. ”
While Dimon’s greatest focus is on growing fintech, he calls for greater oversight of the entire financial and monetary ecosystem that Bitcoin (BTC) and the other altcoins are increasingly becoming a part of.
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