Vene is, And eas
Wo king Pape
Decen aliza ion, asse s and p i acy in he wen y- i s
digi al cen u y
CIGI Pape s, No. 325
P o ided in Coope a ion wi h:
Cen e o In e na ional Go e nance Inno a ion (CIGI), Wa e loo, On a io
Sugges ed Ci a ion: Vene is, And eas (2025) : Decen aliza ion, asse s and p i acy in he wen y-
i s digi al cen u y, CIGI Pape s, No. 325, Cen e o In e na ional Go e nance Inno a ion (CIGI),
Wa e loo (On a io)
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CIGI Pape No. 325 — July 2025
Decen aliza ion, Asse s
and P i acy in he Twen y-
Fi s Digi al Cen u y
And eas Vene is
CIGI Pape No. 325 — July 2025
Decen aliza ion, Asse s
and P i acy in he Twen y-
Fi s Digi al Cen u y
And eas Vene is
Abou CIGI
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C edi s
P esiden , CIGI Paul Samson
Resea ch Di ec o , Digi al Economy S. Yash Kalash
Di ec o , P og am Managemen Dianna English
P og am Manage Jenny Thiel
Publica ions Edi o Ch is ine Robe son
Publica ions Edi o Susan Bubak
G aphic Designe Sami Chouhda y
Table o Con en s
i Abou he Au ho
i Ac onyms and Abb e ia ions
1 Execu i e Summa y
1 Alice in Digi al Land: T ends and Challenges
2 Decen aliza ion, Web 3.0 and C yp og aphy: When Bob Me Alice
5 CBDCs
7 The Digi al Asse P i acy, Secu i y and Anonymi y Conund um:
A Geopoli ical View
9 Whe e Does Canada Fi in This Global Pic u e?
10 Concluding Rema ks
11 Wo ks Ci ed
i CIGI Pape No. 325 — July 2025 • And eas Vene is
Abou he Au ho
And eas Vene is is a Connaugh Schola and
p o esso in he Depa men o Elec ical and
Compu e Enginee ing, c oss-appoin ed wi h he
Depa men o Compu e Science and he Munk
School o Global A ai s & Public Policy a he
Uni e si y o To on o. He ob ained a Ph.D. om
he Uni e si y o Illinois, U bana-Champaign.
P e iously, he held join acul y posi ions wi h
he A hens Uni e si y o Economics and Business
(Depa men o In o ma ics, 2006–2016) and wi h
he Uni e si y o Tokyo (Depa men o Elec ical
and Compu e Enginee ing, 2010–2011). Fo mo e
han 20 yea s, he wo ked in he ield o compu e -
au oma ed design o e y la ge-scale in eg a ion
syn hesis, e i ica ion and debugging using o mal
me hods, publishing mo e han 120 con e ence and
jou nal pape s. Today, he ocuses on cen al bank
digi al cu encies (CBDCs), mechanism/economic
design o dis ibu ed sys ems, o mal me hods
o sma -con ac e i ica ion, and echno-legal
blockchain policy/ egula o y ques ions. In Feb ua y
2021, his wo k wi h he Bank o Canada became
public, p oposing Canada’s cen al bank digi al
Loonie — he i s wo k o i s kind ha p esen ed
a comp ehensi e echnological, egula o y/legal
and economic model o a CBDC. On Ma ch 1, 2022,
he was acknowledged o his con ibu ions on a
classi ied epo by he Hoo e Ins i u ion, p e aced
by o me US Sec e a y o S a e Condoleezza
Rice, i led Digi al Cu encies: The US, China, and
he Wo ld a a C oss oads; a week la e , P esiden
Joe Biden signed Execu i e O de 14607 ollowing
many ecommenda ions o his epo . And eas
engages wi h many G oup o Twen y cen al
banks on he opic o CBDCs and Web 3.0, and
his wo k has been ea u ed in publica ions by
he Bank o In e na ional Se lemen s and he
In e na ional Mone a y Fund, among o he s.
Ac onyms and
Abb e ia ions
AI a i icial in elligence
AML/CFT an i-money launde ing/comba ing
he inancing o e o ism
BIS Bank o In e na ional Se lemen s
BRICS B azil, Russia, India, China
and Sou h A ica
CBDCs cen al bank digi al cu encies
DeFi decen alized inance
DLT dis ibu ed ledge echnologies
DoJ Depa men o Jus ice
e-CNY digi al yuan
FATF Financial Ac ion Task Fo ce
G20 G oup o Twen y
IDs iden i ica ions
IMS in e na ional mone a y sys em
IoT In e ne o Things
KYC know-you -cus ome
mCBDCs mul iple cen al bank digi al cu encies
MiCA Ma ke s in C yp o-Asse s
P2P pee - o-pee
RTGs eal- ime g oss-se lemen sys ems
SDR special d awing igh
SEC Secu i ies and Exchange Commission
T adFi adi ional inance
UAE Uni ed A ab Emi a es
UBI uni e sal basic income
1Decen aliza ion, Asse s and P i acy in he Twen y-Fi s Digi al Cen u y
Execu i e Summa y
This pape examines he e ol ing landscape
o digi al p i acy, decen aliza ion and digi al
asse s in he wen y- i s cen u y. I explo es
he ans o ma i e impac o hose echnologies
— d i en by he exponen ial g ow h o
semiconduc o s — in he pas decades on he
widesp ead adop ion o a i icial in elligence (AI),
he In e ne o Things (IoT) and blockchain oday.
The analysis highligh s how hese ad ancemen s
challenge adi ional egula o y amewo ks
and eshape social, economic and go e nance
s uc u es bo h domes ically and in e na ionally.
I emphasizes he ise o cen alized digi al
oliga chies and he implica ions o decen alized
inance and cen al bank digi al cu encies (CBDCs)
on inancial s abili y, p i acy and mone a y
so e eign y. The b ie also p o ides a geopoli ical
pe spec i e on p i acy, secu i y and digi al asse s
by emphasizing he s a egic ole o c yp og aphy.
I concludes wi h policy ecommenda ions
o Canada and e lec s on he need o a
“Digi al B e on Woods” o ensu e inancial
s abili y and social wel a e in he digi al age.
Alice in Digi al Land:
T ends and Challenges
Al hough s ill a i s dawn, he wen y- i s cen u y
will be emembe ed by his o y as he “digi al
cen u y” due o he ans o ma i e and pe asi e
impac o digi al-d i en echnologies on human
li es. The exponen ial ansis o -coun g ow h in
semiconduc o chip design since he 1970s has
allowed o oday’s echnologies (such as AI, cloud
compu ing, sma de ices and he IoT) ha ha e
eshaped how we li e, wo k and in e ac . Fu he ,
he in e ne ’s in oduc ion in o daily li e o e he
pas h ee decades has e ol ed in o i becoming
he backbone o an in e connec ed socie y
suppo ing comme ce, inance, en e ainmen ,
educa ion, heal h ca e, go e nance and eal- ime
in e ac ion wi hou geog aphical bounda ies.
This phenomenon has ede ined he social ab ic
o human in e ac ion while also gene a ing as
olumes o s uc u ed and uns uc u ed da a
o powe ul AI ools o h i e upon. The digi al
cen u y is poised no only o shape economic and
socie al p og ess o decades o come bu also o
pe pe ua e he egula o y gap wi h pas “analogue”
legal amewo ks. The con e gence o digi al asse s
and p i acy has become bo h a challenge and
an oppo uni y, adically es ing he indi idual
igh s, social no ms, wel a e sys ems and e hical
accoun abili y secu ed h ough pains aking legal
and poli ical ad ocacy in he wen ie h cen u y.
His o ically, he in e ne uly eached i s po en ial
wi h he in oduc ion o Mosaic (la e Ne scape)
in 1993. This was he i s web b owse ha was
de eloped a he Uni e si y o Illinois a U bana-
Champaign, he au ho ’s alma ma e , whe e he
was o una e o con ibu e o i s ea ly s ages.
Soon a e , uni e si ies a ound he wo ld began
o adop i o hei cou ses, and i was no long
be o e he public ollowed sui . A ha ime, he
in e ne was unidi ec ional, censo ship ee,
non-in e media ed and decen alized: i eely
p oduced con en o consump ion while a di e se
ange o con en p oduce s held a balanced
ma ke sha e. This “un il e ed” in o ma ion
exchange had s ong ne wo k e ec s as e idenced
by he ise o no el communica ion, social and
comme ce pla o ms. The e we e no monoli hic
social ne wo ks and dominan AI-based sea ch
engines ac ing as “cu a ion middlemen.”
Today, he in e ne is c acking unde i s own
weigh and s aying om i s o iginal ision. The
ze o-ma ginal-cos socie y o goods and se ices—
championed by co po a e conglome a es o
in e ne pla o ms ha concen a e da a, news,
mic o-supplie s and consume s wi hin uni ied
ecosys ems — has esul ed in signi ican ne wo k
cen aliza ion. This is u he compounded by he
p oli e a ion o IoT h ough AI-d i en sma de ices
(in ou phones, homes, ca s, wea ables, heal h
ca e, supply chains and so on.), which ansmi
as amoun s o da a o hese p i a e en i ies in
exchange o nominal in e ne -based se ices. The
ne e ec o his ze o-cos cul u e is he agg ega ion
o audiences and hei social a en ion in o he
hands o a ew dominan middlemen. Cases in
poin o his digi al oliga chy: nea ly 57 pe cen
o Wes e n in e ne a ic is consumed by jus
i e en i ies, namely Google, Amazon, Facebook,
Mic oso and Ne lix (Weissbe ge 2022); and
nea ly 65 pe cen o he news in he Wes is cu a ed
by wo playe s (Google and Facebook) (Majid
2023). In China, a hand ul o companies (Baidu,
JD.com, Ren en, Alibaba, Tencen ) domina e
2CIGI Pape No. 325 — July 2025 • And eas Vene is
online a en ion. Whe eas Google accoun s o
abou 90pe cen o he global sea ch ma ke ,1 in
China, Baidu’s sea ch ma ke sha e is a 54 pe cen ,
ollowed by Bing (a Wes e n p oduc ) wi h abou
a 30 pe cen sha e (Ma ke MeChina 2024).
I he e o e comes as no su p ise ha in June
2021, wi hin he con ex o digi al cu encies,
he Bank o In e na ional Se lemen s (BIS)
encou aged cen al banks o conside issuing
go e nmen -backed digi al money. Acco ding o
i s annual economic epo , “ he mos signi ican
ecen de elopmen has been he en y o big
echs in o inancial se ices. Thei business
model es s on he di ec in e ac ions o use s, as
well as he da a ha a e an essen ial by-p oduc
o hese in e ac ions…[T]he use da a in hei
exis ing businesses in e-comme ce, messaging,
social media o sea ch gi e hem a compe i i e
edge h ough s ong ne wo k e ec s. The mo e
use s lock o a pa icula pla o m, he mo e
a ac i e i is o a new use o join ha same
ne wo k, leading o a Da a-Ne wo k-Ac i i ies o
DNA loop” (BIS 2021, 67). The epo emphasizes
conce ns such as he isk o cu ency subs i u ion,
in which go e nmen money is eplaced by
“p i a e money’’ wi h esul ing epe cussions o
a na ion’s so e eign y (ibid., 77). A guably, money
de i es i s alue om ne wo k e ec s and, hus,
concen a ing inancial ac i i y and da a on a ew
pla o ms may lead o eliance on a single o m o
money, ende ing mone a y policy ine ec i e.
The concen a ion o in e ne a ic — coupled
wi h pe asi e da a collec ion o en s o ed in siloed
cloud se ices loca ed in o eign ju isdic ions—
has os e ed a dependency on an economy cen ed
a ound “digi al leisu e” and he illusion o a “global
celeb i y s a us.” Despi e appea ing ee, his
model exac s a cos : he public pays wi h hei
ime, pe sonal da a and p i acy. A he same ime,
some execu i es o he e y co po a ions d i ing
his model s a ed o ad oca e o a uni e sal
basic income (UBI) (Nolan 2024). I his UBI
ma e ialized, i would become a axpaye - unded
ini ia i e ul ima ely inanced by he public i sel .
This dynamic no only commodi ies indi iduals as
being me e “da a p oduce s/consume s” bu also
isks deepening hese indi iduals’ dependency
on public deb . In addi ion, i challenges he
adi ional ole o s a e-issued money — his o ically
ea ned h ough labou and exchanged o social
1 See h ps://gs.s a coun e .com/sea ch-engine-ma ke -sha e.
wel a e — by weakening he ecip ocal con ol
ci izens ha e o e hei ime, da a and money.
While digi iza ion ini ially p omised inc eased
compe i ion, g ea e oppo uni ies, b oade choices
and ci izen empowe men , cu en ends e eal
a s a kly di e en eali y. The mode n monoli hic
digi al landscape has become inc easingly
concen a ed, wi h la ge ech i ms le e aging
egula o y amewo ks wi h lobbying p ac ices
(Pilking on 2025; Mullins 2015) o ad ance hei
own in e es s, shape social no ms (Cu hbe son
2024) and s i le compe i ion. This phenomenon
is ap ly desc ibed in mode n poli ical economy
as one o su eillance capi alism (Zubo 2019).
Decen aliza ion,
Web 3.0 and
C yp og aphy: When
Bob Me Alice
Alice was eeling los na iga ing his digi al
laby in h, bu one day, she me Bob.
Alice and Bob a e ic ional cha ac e s commonly
used as placeholde s in c yp og aphic esea ch
pape s. They a e impo an ole playe s who
symbolize he exchange o powe and us
wi hin digi al sys ems; as Phillip Rogaway (2015,
1 [i alics in o iginal]) obse es: “C yp og aphy
ea anges powe : i con igu es who can do
wha , om wha . This makes c yp og aphy
an inhe en ly poli ical ool, and i con e s on
he ield an in insically mo al dimension.”
En e Sa oshi Nakamo o, who, in 2008, de eloped
he i s pee - o-pee (P2P) ne wo k ha enabled a
new o m o asse called bi coin. Bi coin ep esen s
a g oundb eaking new asse class, whe e alue is
de e mined by he ma ke , and i s exchange occu s
wi hou he need o in e media ies. Ins ead, a
decen alized P2P consensus ne wo k ensu es
sys em alida ion. Building on his ounda ion,
Vi alik Bu e in, an 18-yea -old Uni e si y o
Wa e loo d opou p odigy, in oduced E he eum
in 2013, a blockchain ha execu es so wa e
code known as sma con ac s (Szabo 1999), in
a us less ashion using i s own c yp ocu ency
9Decen aliza ion, Asse s and P i acy in he Twen y-Fi s Digi al Cen u y
blocs and/o na ions a e likely o cap u e economic
o echnological ma ke sha e mo e equi ably.
P i acy-p ese ing c yp og aphic ools will
ine i ably e ol e alongside he p oli e a ion o
digi al asse s, wi h applica ions beyond me ely
p o ec ing one’s P2P/DLT ansac ions om
p ying eyes. Much o his p og ess will likely
be made by cyphe punks, he ea ly 1990s social
mo emen ha wan s c yp og aphy wi h “a i ude
and alue” o he public (Le y 1993). In ac ,
signi ican inno a ions o Web 3.0, including
bi coin (whose c ea o emains unknown) we e
d i en by cyphe punks; i hey bypassed he
G ea Fi ewall o China, hey a e de e mined o
bypass any hing. Go e nmen s, al eady s uggling
wi h c yp og aphy in communica ion media and
Web 3.0, will be undamen ally challenged. O e
ime, na ions may ha e no o he op ion han
o adop a “good ac o ” las eso app oach o
said p i acy ools as an ine i able equilib ium
be ween u ili y and egula ion. Howe e , amid
he u bulence in he dusk o he pos -Second
Wo ld Wa e a, a i ing a his app oach
will likely be a long, diso de ly p ocess.
Ul ima ely achie ing a necessa y balance will
mos likely equi e no hing less han a wen y-
i s cen u y’s “Digi al B e on Woods” o
es o e inancial o de and in oduce globally
accep ed s anda ds o digi al asse s and da a
p o ec ion. Wi hin his con ex , i is concei able,
and p obably desi able, o he In e na ional
Mone a y Fund’s special d awing igh (SDR)
o e-eme ge as a p incipal ese e asse o he
IMS as en isioned in he Second Amendmen o
i s 1978 A icles o Ag eemen (Vene is and Pa k
2019; Coa s 2016; Xiaochuan 2009). This would
likely equi e expanding he SDR’s composi ion
beyond i s cu en baske o i e cu encies,
which emains ied o he wen ie h cen u y’s
“analogue” economics, compe ing mone a y
policies, ques ionable iscal s a egies and T i in’s
dilemma. Fo ins ance, a eas o expansion could
include p ecious me als, ag icul u al commodi ies
and en i onmen al p icing me ics. As angible
human needs change slowly o e longe ime
ho izons, such ancho ing is expec ed o os e
g ea e s abili y and p omo e global g ow h. This
app oach could also inco po a e digi al asse s
ha a e anspa en , uly limi ed in supply
bu also no hoa ded (causing ne wo k/weal h
cen aliza ion/concen a ion as is wha seems
o be happening oday (She idan 2025; Ven u ini
e al. 2025; Che no and Jag iani 2024) and a e
buil on undamen als ha can ea n public us .
As F ied ich Hayek said, “good money d i es
ou bad,” and such a mone a y ese e s anda d
could o e mo e bene i s and ewe d awbacks
o he de unc B e on Woods one, including he
p omo ion o p uden mone a y and iscal policies,
ai compe i ion, egali a ian democ a ic p ac ices
ailo ed o he digi al wo ld and public wel a e.
Finally, while his discussion acknowledges
he impac o global wa ming on all o he
abo e, i emains agnos ic on i s e ec s. I is
a known-unknown phenomenon ha will
ine i ably add complexi y due o humani y’s
p imo dial ques o na u al esou ces.
Whe e Does Canada Fi
in This Global Pic u e?
In his luid landscape, Canada is asked o de end
i s mone a y iden i y, nou ish i s pas in es men
in social alues, capi alize on i s as na u al
esou ces and sa egua d i s physical and digi al
bounda ies. The eluc ance o he Uni ed S a es
o issue a CBDC, ins ead ocusing on p i a e
s ablecoins as a p oxy, p esen s Canada wi h bo h
unique isks and oppo uni ies. The mo e no able
isk is he eal scena io o cu ency subs i u ion
being in geog aphic and economic p oximi y o he
Uni ed S a es (B ownell 2025). On he o he hand,
he e is also an oppo uni y o Canada o become
he con inen ’s digi al asse hub, ollowing he
pa adigms o Hong Kong, London and Singapo e.
Wi h mos o he wo ld’s la ges economies (in
e ms o GDP) ac i ely explo ing CBDCs, and wi h
a cu en p ime minis e ha ing been one o he
p emie e cen al bank go e no s globally in ecen
his o y, Canada should no only es a wo k on
he digi al Loonie bu should also de elop ede al
egula o y amewo ks ha p io i ize p i acy
p o ec ion, compliance and da a secu i y o i s
digi al cu ency and o he Web 3.0 ools and
asse s. Ex ensi ely documen ed in li e a u e bu
also con i med by he success o he Pix paymen
sys em in B azil and Aadhaa /Uni ied Paymen s
In e ace in India (Kempinsky 2025), a digi al
Loonie — ideally complemen ed wi h a new
ede al digi al ID o suppo i — will c ea e no el
paymen channels, new ansac ional communi ies
10 CIGI Pape No. 325 — July 2025 • And eas Vene is
and sa e ne wo ks o ela ions bo h domes ically
and in e na ionally (Ca s ens and Nilekani 2024;
Bank o Canada e al. 2020; Vene is e al. 2021).
A digi al cu ency, coupled wi h a ede al digi al
ID, has emendous po en ial no only o u he
secu e Canada’s mone a y iden i y and nou ish
i s ex ensi e in es men in democ a ic social
alues, bu also o sa egua d i s geopoli ical
digi al bounda ies in a compe i i e and as -
e ol ing global echno-economy. I also o e s a
unique oppo uni y o a ac global use s seeking
inancial au onomy and sa e shel e ing in a
digi al e a domina ed by su eillance capi alism:
Canada can p esen hem wi h an inno a i e and
p o enly sa e al e na i e. Indeed, public polls
on CBDCs consis en ly highligh he demand
o s ong p i acy gua an ees (Choi e al. 2023;
Eu opean Cen al Bank 2021; Bank o England
2024)6 — a pa adox when con as ed wi h he
public’s willingness o sha e da a eely wi h
conglome a es. This anomaly unde sco es he
need o e ec i e ou each o he Canadian public
as a necessa y i s s ep o adop ing a CBDC.
Canada is well-posi ioned o his oppo uni y.
I al eady has a sea a he able in global o a
such as he G oup o Se en, he G20 and he
BIS’s Commi ee on Paymen s and Ma ke
In as uc u es. Wha emains o success
is poli ical will, swi egula o y e o m and
leade ship. A e all, E he eum was bo n in a
basemen in To on o and hen i conque ed he
decen alized wo ld. Canada can epea his
same ea o digi al inno a ion once again.
6 See www.banko canada.ca/digi aldolla /a-digi al-canadian-dolla -wha -
we-hea d-2020-23-and-wha -comes-nex /.
Concluding Rema ks
On Sep embe 7, 2024, Bill Bu ns (Cen al
In elligence Agency di ec o ) and Richa d Moo e
(MI6 chie ) issued he i s join s a emen in
he his o y o he wo agencies. Among o he
obse a ions, hey no ed: “The e is no ques ion
ha he in e na ional wo ld o de — he balanced
sys em ha has led o ela i e peace and s abili y
and deli e ed ising li ing s anda ds, oppo uni ies
and p ospe i y — is unde h ea in a way ha
we ha en’ seen since he cold wa ” (Bu ns and
Moo e 2024). Admi edly, he iews exp essed
in his s a emen ex end beyond he ealms
o he IMS, e lec ing he diminishing oles o
democ a ic awa eness and egali a ian p ac ices
ha unde pinned he unp eceden ed economic
p ospe i y o he second hal o he pas cen u y.
Facing his c oss oads, he cu en o de appea s
o ha e wo choices: ei he dis ega d, lobby
agains and con ain de elopmen s o p ese e
he s a us quo, o acknowledge his o ical
in icacies and adap hei p ac ices. This
pape posi s ha mac oeconomic, geopoli ical,
echnological and social ends place digi al
asse s, decen aliza ion and c yp og aphy a
he hea o his dilemma. I con ends ha he
second op ion is he p uden app oach o wa d.
A his junc u e, i may be wo hwhile o e isi
he music indus y a he dawn o his cen u y
(In e na ional Fede a ion o he Phonog aphic
Indus y 2024), a sec o in which he au ho se ed
as a compu e science s uden . The in oduc ion
o Bi To en in 2001, he i s widely adop ed
P2P medium, dis up ed an indus y elian on
excessi e cos s, nume ous in e media ies and
inequi able paymen s o a is s — he sou ce o
i s income. In he a e ma h o Bi To en ’s ea ly
adop ion, he indus y became p eoccupied wi h
p o ec ing i s adi ional e enue s eams h ough
lawsui s agains i s consume s o using his
new echnology. Consumed by i s own dogma,
he indus y ailed o emb ace inno a ions such
as s eaming, hus pa ing he way o isiona y
new playe s who cap u ed ma ke sha e by
b inging alue o all s akeholde s. A e massi e
consolida ion, he legacy music indus y o
he 1990s has now los hal o i s ma ke cap.
His o y con i ms ha misunde s anding digi al
P2P inno a ion can back i e — i is hose who
adap h ough s a egic, p incipled and equi able
11Decen aliza ion, Asse s and P i acy in he Twen y-Fi s Digi al Cen u y
p ac ices who a e ul ima ely bes posi ioned o
ha ness he ull po en ial o digi al change.
Acknowledgemen s
The au ho emains hank ul o aluable
commen s by And eas Pa k (Ro man School o
Managemen , Uni e si y o To on o); Odunayo
Olowooke e (Osgoode Hall Law School, Yo k
Uni e si y); and he anonymous e iewe s who
imp o ed he p esen a ion o his w i ing.
Wo ks Ci ed
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