Cyber offense still seems to beat cyber defense. With all the different levels of cybersecurity problems and threats the Biden’s administration is still struggling to comprehend this issue. According to Martin Wolf who is a renowned economic analyst outlined in a recent Financial Times essay that the risks and chaos of a wild world of unstable private money is a libertarian fantasy. There are already some 8,000 cryptocurrencies. Wolf further stresses that central banks (e.g., the U.S. Federal Reserve) should create their own official digital currencies i.e. central bank digital currencies (CBDC) and make the rest cryptocurrencies illegal. Apart from the nasty uses and wild speculative value swings, it poses a serious environmental hazard while mining to produce bitcoin, consuming huge amounts of electricity by rows and rows of computers. All the governments ought to guarantee safe, stable and usable money. The European Central Bank, the Bank of England, the Bank of Japan and the U.S. Federal Reserve, these four largest central banks are exploring CBDCs. The possibility of a U.N. Security Council resolution to ban cryptocurrencies could be in the cards if China is on board, making it a foundation for taking the issue to the Group of 20 to make it a global norm. American economic security is under the continuous threat from the insidious new industry of cyber hacking and ransomware. It is a growing problem which doe not seem to subside. Then comes the question; whether the world’s major powers would cooperate in outlawing cryptocurrencies and agree on rules and regulations of CBDCs. It’s an open question whether such threats are enough to catalyze sufficient international cooperation. Also Read: Cyber-Attackers Demands $70m in Bitcoin as Ransom
