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For a while, criminals have used Bitcoin and other cryptocurrencies, and this can get traced back to the Silk Road days and when the ICO bubble was ongoing. On the other hand, Lawmakers tried to prohibit cryptocurrency technology, but eventually, some now embrace it. However, there are many global watchdogs trying to regulate the domain.
At the last edition of ‘off the chain’ podcast, Doney spoke about cryptocurrency transactions. Doney is the CEO of Securency; he supports the privacy aspect and believes that anonymity in cryptocurrency transactions increases criminal activities.
Doney Believes Crypto Transactions Need Government Intervention
According to Doney, anonymity is currently impracticable, because historically, permitting anonymity for financial transactions will lead to unexpected events that may require government intervention. He says that it is easy for criminals to transact with cryptocurrencies, and this is where the government needs to intervene.
Doney believes that regulated stablecoin is the solution since there are tools for the regulation. Many individuals think that a managed stablecoin may go wherever desired and only matters if it enters the financial sector. However, that theory is not entirely true.