International discussion on cryptocurrencies needed!
March 22, 2018 9:02 am,
Everyone is buzzing about the highly developed changes in the technologies that we encounter with. One of the biggest changes and upgradation one may see is the introduction of cryptocurrency. This is the virtual currency that had been introduced long ago but took a sudden increase in its popularity just lately. Cryptocurrency is a highly debatable topic with the main circulation around its legalization in a nation or not. Greg Medcraft, the Director of the Directorate for Financial and Enterprise Affairs of the OECD, believes that the world needs an ‘International Discussion on Cryptocurrencies’. A lot of people are stating that blockchain technology will be the currency of the next revolution.
There are several issues in the cryptocurrency era that needs to be addressed to remove the confusions and speculations different people have on it. Anything that is virtual has the biggest setback of being risky. Mr Greg mentioned that money laundering needs to be addressed through coordination. Another frustrating point is to discuss about the investor and consumer protection as fraudsters keep on tricking potential investors and the projects are often disclosed on basic information.
When Mr. Greg Medcraft was asked about the biggest beneficiary of cryptocurrency, he replied subtly that governments and financial service provider would benefit the most from this. He also believes that the future will have a combination of both private and public blockchains because as people are exchanging value, they need to have a traceability in order to hinder money laundering and terrorism financing. But he defined the real meaning of traceability; it doesn’t mean that the real identity has to be compromised, just that there’s got to be an ability for law enforcement to identify the flow of money.
For bitcoins, we can trace the IP Address right from computer to computer but the trick is to trace person to person. That’s the real catch that nobody is looking for. The three main advantages of blockchain technology are that it allows for secure exchange of value, the secure exchange of data and for the better cybersecurity. Cryptocurrencies WILL reshape the world.