The challenges induced by COVID-19 highlight the need for a multilateral approach towards recovery. These challenges have combined with anti-establishment sentiment towards systems of governance. Concurrently, cryptocurrencies have provided an attractive location of activity for actors who feel disenfranchised by state-led systems of governance. This paper examines the impact of this, by comparing two reactions to cryptocurrencies: the USA and how it regulates cryptocurrencies through FinCEN, and China’s central bank plan to integrate cryptocurrency functions through DCEP. In a departure from other G20 PBs, this study focuses on the broader mechanisms of state governance, and its proposals focus on providing a solution to the trifecta of the pandemic, political sentiment and cryptocurrency-related challenges.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.