To Libra or not to Libra?Facebook founder Mark Zuckerberg's newest offering to the tech world is a proprietary cryptocurrency called Libra.
Others are threatening to do the same, as U.S. and international regulators, like the Financial Action Task Force continue to clamp down on the new system by offering stricter guidelines on how digital transactions should be managed.
One major concern of regulators is that Libra could heavily disrupt the global financial system and potentially be subverted for money laundering or terrorist financing.
These coins offer users complete anonymity in transactions through the use of blockchain technology - a particularly odious feature for regulators.
If not Libra, then?However, while this gap between privacy-based cryptocurrencies and regulators appears to be growing increasingly wide, other coins and platforms have moved into the space, hoping to provide solutions that are meaningful and helpful for regulators.
Dash offers private internal transactions between users but requires the coins to be "Mixed" with other coins to provide the desired privacy.
Working together for changeWhile the potential to hide from government will always be there, it seems clear that digital coins that seek a middle ground with regulators pose the greatest hope for mass adoption of cryptocurrencies.
Such systems bring regulators and cryptophiles together.
While companies have executed permutations of Satoshi's original vision, most would not deny that clear, consistent and reasonable regulation is required for mass adoption of cryptocurrencies.
The cryptocurrencies and systems that do the best job of finding a middle ground between their benefits and regulatory oversight will be the ones that survive and thrive.
Can Libra and Other Crypto Find a Ground to Navigate Regulation?
gepubliceerd op Oct 26, 2019
by Cointele | gepubliceerd op Coinage
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