Blockchain technology and cryptocurrencies in the current geopolitical scenario

Charlie Taylor

The growing presence of cryptocurrencies in our daily lives is also reflected on a global scale. Countries and cultures position themselves differently in the face of the advancement of blockchain technology and cryptocurrencies, many even encouraging the creation of new blockchain technologies, but prohibiting the use of Bitcoin and non-governmental digital currencies. South Africa, for example , has just announced the launch of a blockchain-based digital driver’s license system, following initiatives from countries such as Finland and Switzerland. But the decentralizing potential of blockchain and cryptocurrencies has also generated international tensions. This is the case of the ramifications of conflicts, sanctions and illegal activities involving the US and countries such as Russia and North Korea. One fact, however, has become an international consensus: it is necessary to legislate as soon as possible, whether in favor of cryptocurrencies or against . The most recent example of this theme is the state of California, USA, which seeks to accelerate national regulation of cryptocurrencies. You can see below how these topics are advancing in the current blockchain geopolitical landscape.

South Africa and blockchain digital enablement for drivers

In South Africa, the body responsible for issuing driver’s licenses is called the DLCA (“Driving License Card Account”). In its most recent update of the driver’s license mechanism, this body announced the introduction of a new type of wallet in the country, with plans to use blockchain technology. The new driver’s license will have a design with more advanced anti-fraud functions. The DLCA also announced a restructuring of the entire qualification process, which should become more efficient, faster and safer. This optimization will be achieved with the implementation of new technologies, including blockchain. The new system is expected to be operational by October 2023. Mbalula, the South African Minister of Transport, had already declared his intention to develop a more modern and digital identification system. The new driver’s license can also be validated internationally, functioning as official personal identification. An entirely digital version will also be released later, being available for use entirely through the user’s smartphone. In addition to South Africa, other countries already have projects to use blockchain and digital means in identification documents. Some examples are the United Arab Emirates (Dubai), Estonia, Finland, Luxembourg and Switzerland, but the list is expected to keep growing gradually over the next few years.

California and Cryptocurrencies

The United States is a very federalist country, that is, each state has a lot of autonomy to legislate according to its own interests. California has always stood out in this regard, often going against strong national positions issued by the White House, or taking the lead on controversial issues. And this has just happened once again. The Californian government has made clear its interests in making use of technologies and innovations related to cryptocurrencies and blockchains, becoming the first state in the country to formally move in this direction. Governor Gavin Newsom on Wednesday, May 4, signed an executive order directing state agencies to align themselves with the federal government and draft legislation that addresses digital currencies. across the US, but around the world – is something that the crypto community and investors are looking forward to a lot. The absence of these laws generates uncertainty and exacerbates the already high volatility of digital currencies, alienating the most conservative investors. has an economy valued at more than US$ 3.1 trillion, a number surpassed by only 4 countries in the world. In addition to driving similar actions in the rest of the country, encouraging the adoption of these technologies will move the state’s economy. This will boost companies and startups, generate jobs and new opportunities, and could keep California at the forefront of an industry it has traditionally led.

United States vs. Russia and North Korea

The United States remains in a dispute with the Soviet nations, a clash that now includes the topic of cryptocurrencies. In April, the US government launched, for the first time, a group of sanctions aimed at a cryptocurrency mining firm, Bitriver AG , and its subsidiaries. The action was a measure against Russia’s use of cryptocurrencies to circumvent international sanctions. Now, the US Treasury Department has also announced sanctions on the North Korean company, which performs digital currency mixing. It is the first time that the US has sanctioned such an activity. Mixing is a practice that aims to make it impossible or difficult to track cryptocurrency transactions. Mixers are protocols that mix cryptocurrencies from different users, which are parked for a certain time before being returned to owners in new wallets. The US government accuses North Korea of ​​subsidizing or colluding with illicit money laundering activities. through platforms like this. US Secretary of State Antony Blinken reiterated that the doors for diplomatic discussion with Korea remain open, but that the US will continue to combat UN security breaches and any illegal cyber-activities committed by the country.

About the author

Alkudmani Fares holds a degree in Business Administration from Tishreen University, in Syria, with an MBA from Edinburgh Business School, Scotland. Brazilian naturalized. He serves as Business Development Manager Brazil at Kucoin.Want to invest in digital assets but don’t know where to start? Bitcoin Market offers the best and safest trading experience for anyone taking their first steps in the digital economy. Meet the MB!\r\n window.uolads.push({id: \”banner-970×250-area-1\” });\r\n \r\n

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