By Trassos Vidalous


According to Jason Bloomberg, contributor of Forbes:

“We need to make cryptocurrency as we know it illegal.”

His question stems from the fact that is decentralized and not permissioned, the reputation of the infrastructure of Blockchains is unquestioned and this is a weak link in the lawful use of technology.

That is, if anyone can sign up as a node or start mining, how can we ensure that criminals do not? Although to the same extent, one can argue we also obviously cannot ensure criminals do not use firearms, drive vehicles intoxicated and dangerously or purchase goods online with a fraudulent Visa or MasterCard.

The key point here is that criminals already attempt to leverage the tech and are largely unsuccessful. As pointed out by the Subcommittee of the US Congress on Terrorism and Illicit Finance, their conclusion outlined terrorist groups had little success in funding terrorism through Blockchain as an official pronouncement. Citing difficulties in technological aptitude and everyday use, defaulting to using convenient, untraceable, cold hard cash instead.

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