{"id":494675,"date":"2022-09-21T01:05:33","date_gmt":"2022-09-20T22:05:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hearing-alternative-payments-threat-to-national-security-goes-far-beyond-crypto\/"},"modified":"2022-09-21T01:05:33","modified_gmt":"2022-09-20T22:05:33","slug":"hearing-alternative-payments-threat-to-national-security-goes-far-beyond-crypto","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hearing-alternative-payments-threat-to-national-security-goes-far-beyond-crypto\/","title":{"rendered":"# Hearing: Alternative payments\u2019 threat to national security goes far beyond crypto"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ccbbf4f3e2\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ccbbf4f3e2\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/hearing-alternative-payments-threat-to-national-security-goes-far-beyond-crypto\/#%E2%80%9D_Hearing_Alternative_payments_threat_to_national_security_goes_far_beyond_crypto_%E2%80%9C\" >&#8221; Hearing: Alternative payments\u2019 threat to national security goes far beyond crypto &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Hearing_Alternative_payments_threat_to_national_security_goes_far_beyond_crypto_%E2%80%9C\"><\/span>&#8221; Hearing: Alternative payments\u2019 threat to national security goes far beyond crypto &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvY2VhOTI1MjYtZGYyNS00MzAzLTk3MTMtNzFhZTBhMzc2NTY4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f>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.\u00a0<\/p>\n<p>Wilson Center fellow Scott Dueweke <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/financialservices.house.gov\/uploadedfiles\/hhrg-117-ba10-wstate-duewekes-20220920.pdf\">told<\/a> the U.S. House Financial Services subcommittee in written testimony, \u201cBy focusing only on cryptocurrencies we risk missing the forest for the trees.\u201d<\/p>\n<p>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\u2019 reporting requirements, Dueweke said. <\/p>\n<p>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:<\/p>\n<blockquote><p>\u201cThe U.S. needs to follow our private sector\u2019s global <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> leadership by setting the standards for the APE in the international arena. Regardless of whichever direction the U.S. government takes the digital dollar, [\u2026] it cannot wait to engage the world through international organizations.\u201d<\/p><\/blockquote>\n<p>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\u2019s MIR banking card system, Dueweke said poverty is a main driver in the expansion of the alternative payment ecosystem. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">A good day to do my duty as a citizen. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/O0NlMHPR9d\">pic.twitter.com\/O0NlMHPR9d<\/a><\/p>\n<p>\u2014 Scott Dueweke (@Scott_Dueweke) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Scott_Dueweke\/status\/1572210178753441792?ref_src=twsrc%5Etfw\">September 20, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Dueweke said over 700 million people lack adequate banking services, and the situation is made worse by the practice of de-risking, in which Western banks stop providing correspondent services for banks in poor regions. While security is the state motivation for that practice, a profit motive is often behind it, Dueweke said.  <\/p>\n<p><strong><em>Related: Global inflation mounts: How stablecoins are helping protect savings<\/em><\/strong><\/p>\n<p>TRM Labs head of legal and government affairs Ari Redbord <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/financialservices.house.gov\/uploadedfiles\/hhrg-117-ba10-wstate-redborda-20220920.pdf\">told<\/a> the hearing that U.S. dollar-backed stablecoins could enhance U.S. national security. Due to the prestige and reliability of the U.S. fiat currency, Redbord said, <\/p>\n<blockquote><p>\u201cOne can imagine a world in which entrepreneurs create financial services products using a U.S. dollar-backed stablecoin even where those products otherwise have little to do with the United States.\u201d <\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/hearing-alternative-payments-threat-to-national-security-goes-far-beyond-crypto\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Hearing: Alternative payments\u2019 threat to national security goes far beyond crypto &#8220; 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&#8230;<\/p>\n","protected":false},"author":1,"featured_media":494676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDkvY2VhOTI1MjYtZGYyNS00MzAzLTk3MTMtNzFhZTBhMzc2NTY4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74889,70934],"class_list":["post-494675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-payments","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/494675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=494675"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/494675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/494676"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=494675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=494675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=494675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}