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Cryptocurrencies Main Challenge Is To Reinforce Privacy Amid Regulatory Scrutiny

Jyoti Singh by Jyoti Singh - 11:04 PM May 22, 2020
Cryptocurrencies Main Challenge Is To Reinforce Privacy Amid Regulatory Scrutiny

The idea behind generating the bitcoin was to bring in a subtle form of currency which has a sense of ownership, privacy controlled and the censorship-resistance. When it was launched in the market the most important thing that people liked was it belonged to an individual.

Government Introduces Regulation For Crypto

Recently, the co-founder of Alpha Marketplace and Arrow Privacy Coin, BullyESQ, discussed his views on cryptocurrencies in the latest episode of The Wolf of All Streets podcast. He mentioned that whenever a discussion takes place for the privacy measures of cryptocurrency, people start defaming it with their perceptions.

While explaining it, BullyESQ said that whenever a person demands privacy, then people start assuming that the individual has got crazy. People sometimes even come to the conclusion that the individual is a drug dealer and wants to break the law.

Since its launch, many times the crypto has been found associated with some fraudulent activities, to deal with these kinds of activities the government has introduced some regulations which are connected to KYC and AML laws. These regulations have been implemented to keep the cryptocurrencies away from the grey zone and move it towards the regulated zone.

Government Interested In Global Banking System

According to BullyESQ, the increasing interest of the government in the global banking system is the reason cryptocurrencies being monitored so closely by it.

He further mentioned, “So obviously they’re watching crypto very closely because they don’t want crypto used as a way to circumvent sort of these global checks. On international terrorism, money laundering, etc. And those are understandable goals for the government to maintain but at the same time, I’m not sure you need complete transparency in the financial system”.

RAND recently published a report which stated that although Bitcoin transaction could be traced, still most of the hackers use it for darknet transactions.

BullyESQ mentioned that if the shielding mechanism is not integrated with Bitcoin transactions then it could easily get traced.

Additionally, he said that when the Bitcoin was introduced, people thought that it is fully privacy protected but now the people realized that the truth about it is something else.

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About The Author
Jyoti Singh

Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.

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