U.S. national security policymakers are working aggressively to push back China’s global market advance in 5G and artificial intelligence technology. Meanwhile, the Chinese Communist Party (CCP) is progressing unfettered in a parallel technological campaign: expanding global blockchain infrastructure.
The Chinese Communist Party (CCP) is progressing unfettered in a parallel technological campaign: expanding global blockchain infrastructure.
Earlier this year, Beijing launched the Blockchain-Based Service Network (BSN), a system of low-cost backend architecture on which software developers around the world can build blockchain applications—including digital assets such as cryptocurrencies. The launch happened a few months after Chinese President Xi Jinping pressed for the nation to leverage blockchain technology to complement the rising economic importance of big data and the “internet of things.” This BSN has received little attention in the U.S.—but if the network gains significant international adoption, it could give the CCP greater influence in digital commerce and complicate U.S. economic statecraft. For decades, U.S. financial authorities have benefited from the ubiquity of U.S. computer infrastructure in global business. The BSN is trying to challenge that norm.
Read the full article from Lawfare.
More from CNAS
As the United States and China seek to manage an increasingly tense relationship, both sides have turned to coercive economic statecraft as a core part of their broader foreig...
By Emily Kilcrease, Emily Jin & Rachel Ziemba
CommentaryWhy Biden Should Extend Vaccine Diplomacy to Sanctioned States Like Venezuela, Iran, and North Korea
Extending vaccine diplomacy to heavily sanctioned countries will allow Washington to both hedge against growing Chinese-Russian influence abroad and help alleviate global huma...
By Jason Bartlett
PodcastAnalyzing Biden's New Approach to Sanctions
Sanctions are becoming an increasingly important part of the Biden administration's foreign policy toolkit. Carnegie Council Senior Fellows Nick Gvosdev and Tatiana Serafin di...
By Rachel Ziemba
ReportsSanctions by the Numbers: Spotlight on Cyber Sanctions
Cyberattacks pose a serious threat to U.S. national security and the integrity of the global commerce and financial system, especially when state-sponsored actors conduct and/...
By Jason Bartlett & Megan Ophel