Perspective: Cryptocurrency could help governments and businesses spy on us
. That would provide a free, convenient digital payment system for the masses, even those without a bank account or a credit card. Tax-dodging and counterfeiting would become harder, and the use of currency for money laundering, terrorism financing and other nefarious activities would be curtailed.
But these advantages have strings attached. Electronic transactions leave a digital trail that cannot easily be erased. Using cryptographic tools, the identities of transacting parties using electronic money can be masked, but a central bank would always have the option of unraveling those identities if it suspected that its money was being used for illicit purposes.
These risks could be mitigated through careful design. For instance, the Federal Reserve could manage the payment infrastructure for its digital currency while leaving it to banks and other private companies to provide payment services to customers and businesses. This could preserve some confidentiality in transactions, with the central bank getting access to the identities of transacting parties only when it suspects foul play.
That’s not all. Digital “smart money” that replaces cash could become an instrument of government control, with authoritarian regimes using it as a surveillance tool and even ostensibly benevolent governments conceivably employing it to promote social objectives: preventing its use to purchase ammunition, abortion services or pornography, for instance.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Dubai Café Accepts Cryptocurrency as Payment, Owner Hints at Paying Employee Salaries in Crypto – Emerging Markets Bitcoin NewsDespite taking this step, Bake N More will nonetheless continue to accept cash and credit card payments, the owner said.
Les mer »
The Farthest Star Sheds New Light on the Early UniverseA cosmic fluke helped Hubble spy Earendel, a giant star at the edge of the known universe that could tell us more about what happened after the Big Bang.
Les mer »
The Farthest Star Sheds New Light on the Early UniverseA cosmic fluke helped Hubble spy Earendel, a giant star at the edge of the known universe that could tell us more about what happened after the Big Bang.
Les mer »
Biden is taking the wrong approach to small businesses, and many may failBiden's hostile government policies are making it almost impossible for new businesses to succeed, and may effect the U.S. economy for years to come.
Les mer »
US Firms Providing Custody Services Should Account for Crypto Assets as Liability, Disclose Risk, SEC SaysU.S.-listed companies that provide custody of cryptocurrencies should account for those assets as liabilities and disclose the associated risk to investors, the Securities and Exchange Commission said Thursday. by KReyofCoindesk
Les mer »