Bitcoin Posing A Threat To US Dollar Supremacy, Government Seeks Plan B
The United States government seems to be expressing great concerns towards issues regarding the loss of currency supremacy by their national currency-the US dollar.
As the US gains considerable national security and dominance over many nations that conduct international trade using the US dollar, it seems their national currency plays a major role in bringing the country a reputable international recognition. However, it is fast becoming obvious that the US dollar might eventually lose international reputation due to evolving forces like cryptocurrencies and new major economies coming from countries like India and China. According to the Office of the Director of National Intelligence(ODNI),
“There are many threats to the U.S. dollar maintaining its status as the world reserve currency. Countries such as China and India have large growing economies that could compete with U.S. economic growth. Many cryptocurrency enthusiasts predict that either a global cryptocurrency or a national digital currency could undermine the U.S. dollar.”
Iran Draws Plan To Strip US Of Currency Championship, BTC Is The Major Tool
According to a recent report by The New York Times, the Trump administration “has expressed consistent concerns” that this technology(blockchain, particularly bitcoin) is being used to “escape American sanctions on countries like Iran.”
According to a report recently published by the parliament of Iran Research Center, the country believes that cryptocurrency mining activities could generate substantial income from tax and similar fees. According to their estimation, this could amount to an additional $1billion in annual revenue.
As the Iranian government tries to utilize a lifeline presented to them by the bitcoin alternative, the US government seems to have realized a futile attempt in trying to starve Iran to submission in the ongoing disagreements between both countries.
The US has always seen cryptocurrencies as one of the usual suspects promoting money laundry, fraudulent activities and many other forms of illicit activities. Therefore, bitcoin and similar digital currencies like Libra, are tagged as national security issues.
Bitcoin Trying To Unveil A Possible Reality To The US Government
In their bid to study the worst possible cases of a completely stripped dollar, and the possible consequences expected, the US government has launched the hunt for a research effort in order to further clarify the situation. As a result, the United States intelligence community is seeking a researcher to design risk cases for how and why the dollar could lose its global supremacy, and the best ways to respond.
The role was advertised on Feb. 14 by the Office of the Director of National Intelligence (ODNI). In a statement preceding the advertisement,
“If the U.S. dollar loses its status […] national security advantages disappear, leaving the U.S. vulnerable. This project could allow the national security community to prepare for and […] prevent this economic crisis.”