‘Cryptocurrency War’ Simulation Carried out by Harvard University

In a simulated security meeting within the White House, senior administration officials and thought leaders were met with a North Korean Missile crisis which was made possible by China’s national cryptocurrency. The event simulated by Harvard University’s Kennedy School shows that the failure to catch up with China in terms of blockchain adoption might be a reality in only two years.

Currency war

The Kennedy School of Harvard University has carried out a simulation on the 19th of November which involved a geopolitical crisis caused by the implementation of digital currencies. The institution originally simulated a White House National Security Council meeting which involved previous senior administration officials and thought leaders.

The event included a North Korean Missile test which was economically supported by using the Chinese digital yuan, successfully avoiding financial sanctions in return. Furthermore, the event is set in 2021 and the main theme revolves around the adoption of the digital yuan, China’s CBDC, which has launched 20 months prior to the missile crisis.

Within the simulation, the digital yuan dominates both domestic transactions at home and global transactions through the Belt and Road Initiative which is developed in numerous Euro-Asian nations. Inside the security council meeting inside the White House, the team is surprised by the sudden news of a missile test by the North Korean government, which is even more advanced than previously thought and was probably funded by successfully avoiding sanctions through the digital yuan.

The U.S. government develops several options and plans, including a diplomatic approach by relying on China to cease its financial support to North Korea. ‘We will not successfully starve North Korea economically without the cooperation of China, and certainly not if it is their objective to see us fail,’ stated the simulated Treasury Secretary.

However, one more problem appears as news involving a hacking attack on SWIFT occurs. The international banking system was hacked and $3 billion were stolen from numerous banks all across Saudi Arabia, Germany, and the United Arab Emirates.

The simulated government put out several plans and measures to the president in order to avoid a ‘bifurcation of the global economy.’ Several innovative members even proposed that the U.S. should develop its own digital currency in order to bring back its financial power.

In the end, the team developed three plans: Diplomatically pressuring China to cooperate on the North Korean issue, adopt electronic intelligence to scan the way North Korea avoids sanctions, and to develop a digital dollar. The use of military power was seen as the least likely to be use option. As thought-provoking as it is, the U.S. can certainly become troubled in the case that it does not technologically catch up with China in the sphere of cryptocurrencies.

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