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Weapon of Governments to Fight Crypto Spreading

Governments to Fight Crypto

June 17, 2020 | 

911 Views | 

JOHN K MWANIKI | 

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Any technological enthusiast understands the role cryptocurrency is playing in the world economy. The success of the currencies has been so massive such that other sectors are already adopting the blockchain technology to help improve systems.

Crypto comes with faster transaction speeds, anonymity, and less regulation.

Even though cryptocurrencies can improve lives, it also poses a threat to the general population. Most of the crypto coins have general purposes with positive impacts.

For example, TRON looks to liberate world mobile applications, reducing the costs of purchasing the apps. Ripple's system, on the other hand, is all about increasing transaction speeds. Almost every primary sector has a corresponding crypto coin to make it more accessible.

On the downside, due to lack of government regulation, the coin provides terrorists and other criminals a haven to gain income. The anonymity means that the government also has no grip to follow on international sanctions.

Buying weapons, narcotics, child pornography, and other money laundering schemes suddenly become so easy.

That is not to say the government is helpless against the cryptocurrency transactions. It has a regulation clause it can trigger to regulate crypto trading.

The Bank Secrecy Act (BSA)

Although cryptocurrency is quickly gaining ground, it is yet to be independent of the fiat currency. The users still depend on the fiat currency to purchase the cryptocurrencies from the sellers or miners.

It means the bank and other traditional financial institutions have a role to play in the crypto trading. That is where the BSA comes in.

The almost half-century-old law allows the government to impose stricter rules on any suspicious transactions through the banks.

Already, some financial industry experts have started calling the government to impose the law.

For example, David Murray, a leader at an economic consulting firm in Washington DC, Financial Integrity Network, has urged the government to apply the law in controlling human trafficking aided by cryptocurrencies.

The testimony evoked the crypto’s properties of anonymity and irreversible transactions.

To better control the crypto economy, the government would have to include the crypto coins as part of the country's financial institutions. After which they can easily ask for details about transactions. They can also look for the sources of the assets and the purposes of the transactions.

While BSA offers a possible route for the government to get hold of the new economy, it also comes with its fair share of challenges. The first concern is majorly the anonymity of dealers. Unlike banks that have physical buildings and managers, crypto is produced by faceless people behind powerful computers.

There is also the possibility of some of the dealers relocating to the countries with fewer restrictions.

Bottom Line

Even though it started with an aim to improve lives, crypto has fast become a challenge to most governments. Its anonymity aids crime.

While the government has, for a long time, seemed helpless to control the coin, it still has the option of expanding the BSA to regulate the sector. But first, they have to look for ways to avoid potential challenges.

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