Anonymity in Bitcoin Transactions May Bring About Unexpected Happenings, Says Dan Doney
Criminals have been using Bitcoin and other cryptos for a long time. The journey can be traced back to the Silk Road days and even the nasty exit scams when the ICO bubble was ongoing.
Lawmakers have been trying to hunt down the technology for several years but some have now eventually embraced it. Watchdogs worldwide are currently trying to regulate the domain.
Dan Doney talked about cryptocurrency transactions at the last edition of ‘Off the Chain’ podcast. Doney, the CEO of Securrency, supports privacy aspect and he expressed his belief in cryptocurrency transactions anonymity increasing illegal activities.
Doney said that anonymity is not practicable in the current setting because historically, allowing anonymity for financial transactions will lead to unexpected events that would require governments’ interventions.
According to him, it is easy for him to send Bitcoin worth $100 million to an individual in Iran or a human trafficker in Thailand, if he wants to. Nevertheless, this is where the government needs to intervene.
It is not possible or easy to move the same funds in the form of physical money, as compared with the use of cryptocurrency, said Doney. He added that regulated stablecoin is the solution as there are tools for such regulation.
He said that numerous individuals in the industry think that a managed stablecoin may go wherever desired and that it only matters if it enters the financial sector. Nevertheless, he said such a thought is not completely true but it seems true at the moment because it is occurring little by little.