The biggest mistake of the USA and the great future of blockchain
In a sensational interview with Tucker Carlson, Russian President Vladimir Putin said that the world and the global economy are inevitably changing, and the United States is adapting to this "using force: sanctions, pressure, bombing, the use of armed forces. It has to do with arrogance».
Indeed, the current situation in the world is not conducive to stability in either the economic or social spheres. The coronavirus pandemic, a feverish rally in financial markets and the global fallout from anti-Russian sanctions have finally shaken the international economy, which, as we know, is built on long-outdated principles of currency controls and attempts to maintain the dominance of the banking sector. The US Federal Reserve System is the main bulwark of an outdated economy, which today prevents changes in the global financial market and resists innovation as much as possible in a situation where The dollar is no longer a liquid means of payment.
And the point is not the fall in the purchasing power of the American currency, not the endless emission, and not the “promiscuous financial ties” of the United States. The reason is technology, the advent of the blockchain era, which means the abolition of Western banking hegemony and the transition to new forms of management and a new technological structure. Many states today are considering or are actively moving to the stage of blockchain implementation - the introduction of cryptocurrencies and stablecoins. Here it is necessary, first of all, to mention the experience of China, which has successfully implemented the digital yuan.
However, it should be said that The entire cryptocurrency market today is experiencing a stage of re-centralization. Although initially decentralized, as intended by Satoshi Nakamoto, the creator of Bitcoin, the crypto market is currently mired in numerous control traps: from de facto centralized crypto exchanges to hubs or network nodes controlled by protocol developers.
It seems most correct to turn towards an integrated economy, i.e. one in which the principle of mutual responsibility of participants is supported by the technological potential of the digital generation. Of course, we are talking about blockchain, cryptocurrencies, tokens and other opportunities of our time. The new technological structure, as Academician Glazyev says, is associated with the need to transform the entire economic bloc, in which, in contrast to liberal values, integrated schemes for the interaction of market subjects are put forward.
So, what is the socio-economic significance of digital assets at a time when the world is experiencing another wave of crises and is striving for an integrated economy? After all, these crises are largely generated by the vicious system that is artificially supported by the Western coalition of banks and financial institutions, which I have repeatedly written and spoken about.
Undoubtedly, not the dollar or even the digital dollar, but the blockchain will become the driving force of a new type of economy. All digital assets that are based on the blockchain only increase in liquidity, unlike fiat funds. However, we should not forget, as mentioned above, that popular cryptocurrencies gravitate towards secondary centralization or, as I called it in one of the publications, “the Dovlatov-style compromise,” when both the compromise itself and its consequences cause rejection of the main character, i.e. .e. the end consumer.
But the blockchain itself undoubtedly has a great future. By transforming digital reality, blockchain can improve many socio-economic mechanisms even if cryptocurrencies are abandoned in favor of other forms. Of course, this won't happen. But in the medium term, decentralized and verifiable services such as the land cadastre, voting system, government services, logistics and customs document flow, etc. will become clear trends. For the Eurasian space, these changes will be breakthrough in nature, and Russia will play a key role in this issue - the role of a system integrator of technologies.
Against the backdrop of attempts to create a digital dollar and new financial bubbles in the United States, like many of my colleagues, I believe that one of the main directions in response should be the creation of a single digital bank for the EAEU member states. Such a structure will speed up the process of economic integration and introduce the latest digital technologies based on mutual exchange of experience. Today, at the level of the professional community and the academic environment, proposals aimed at creating such a financial institution are actively being considered, but a clear understanding of what it is intended to become and how exactly it should function has not yet been achieved.
A decentralized economy is an integrated economy to the highest degree. A reference, but quite achievable manifestation, thanks to digital technology. Those who at one time planned to use blockchain and other solutions for the purpose of profit and establishing world domination cruelly miscalculated. Despite all the negative trends (such as the secondary centralization of cryptocurrencies, for example), the digital economy continues to gravitate towards integration, and this process is most manifested in the operational economic actions of the leadership of our country. Suffice it to recall social payments during the exacerbation of the pandemic. Or active forms of support for affected businesses. All this is only part of one large integral model on the path from the achievements of the USSR to the successes of Greater Russia.
Integrated and digital economies are becoming synonymous today – thanks to blockchain technology. In particular, the cryptocurrency asset market would not be possible without this technology. As a distributed data registry, as a decentralized tool for collecting, processing and storing information, as a way to verify it, as well as an effective management mode, blockchain is gaining popularity all over the world.
At the same time, The Cold War against Russia continues, and today the main front in this war is not ideological, but monetary and financial. Under the influence of the pro-Western liberal community, funds allocated by the state to support business during the period of worsening sanctions and the COVID-19 pandemic, thanks to the banking system, ended up on the speculative financial market. The profit demonstrated by the banks is not expressed in the income of the business sector, but in currency speculation against the ruble, which caused the expected devaluation.
The President's interview with Tucker Carlson once again demonstrated Russia's clear focus on the tasks of global balance. It is clear that today, as the restructuring of the global economy continues, Russia's economic development also requires a renewed systems approach that includes strategic planning and monetary policy, divorced from dominance dying "green piece of paper".
The President clearly noted that “The biggest mistake of the United States is to use the dollar as a tool of struggle and pressure. This is the main weapon for maintaining US power in the world. Once the political leadership decided to use the dollar for political struggle, they dealt a serious blow to their power».
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