1. If you Can't Beat Them, Join Them: Should States Embrace Bitcoin?
- Author:
- Jesse Colzani
- Publication Date:
- 09-2021
- Content Type:
- Commentary and Analysis
- Institution:
- Istituto Affari Internazionali
- Abstract:
- Bitcoin – the most secure and well-established technology to store value[1] – was created in 2008 to challenge the state’s centralised monopoly on money. It is a digital currency worth 1 trillion US dollars that knows no boundaries and is not controlled by any central authority. Although it is considered a threat to the established order, countries and institutional actors are gradually realising Bitcoin can also be a tool to advance their economic and geopolitical interests. Today, governments find themselves in the difficult position of having to decide whether Bitcoin should be integrated into their economies and governance structures or if they should continue to oppose, block or seek to co-opt the digital currency. But to understand Bitcoin and make an informed decision, one has to first appreciate the different components of its ecosystem.
- Topic:
- Political Economy, Governance, Currency, Digital Policy, and Bitcoin
- Political Geography:
- Global Focus