Could crypto FUD can get in the way of protecting national security interests?
Non-crypto alternative payment systems pose a serious threat to United States security, according to testimony presented at a U.S. House Financial Services Committee Subcommittee on National Security, International Development, and Monetary Policy hearing Tuesday. The alternative payments ecosystem should be seen as a whole, and crypto can enhance national security, speakers said.the U.S.
Money services businesses are heavily regulated in the United States, but those based outside the country may be unwilling to conform to U.S. requirements, including Know Your Customer/Anti-Money Laundering, and they may be outside U.S. and other Western countries’ reporting requirements, Dueweke said.
Dueweke recommended instituting greater financial open source intelligence efforts as a means of counteracting the threat posed SWIFT network alternatives being created by Russia and China and other threats. He said: “The U.S. needs to follow our private sector’s global technology leadership by setting the standards for the APE in the international arena. Regardless of whichever direction the U.S. government takes the digital dollar, […] it cannot wait to engage the world through international organizations.”
While political aims inspire such moves as the formation for such projects as the Russia System for Transfer of Financial Messages, a SWIFT alternative, and that country’s MIR banking card system, Dueweke said poverty is a main driver in the expansion of the alternative payment ecosystem.
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