BAD PEOPLE ARE” SMART” AND THEY CAN “DO BAD” WITH ANYTHING
Written by Sushakya paul on February 13, 2018
Bad people are smart. They can devise ways to do things in the most imaginative ways. Dare I say, they might be the most creative amongst us. You stop them or try regulating what they do, they will come back with greater vigor.
One common argument that has been raised over and over again is that cryptocurrencies can be used for several illegal activities. Of course, none of you good people reading this would like anything catastrophic to happen to the world we live in but think about it; bad people have been having their way even before the arrival of cryptocurrencies.
Is it fair then, to do away with cryptocurrencies on the pretext of avoiding money laundering or the funding of terrorist organizations? The truth is, that nobody knows. To shed more light on the matter, in the presentation of the Union Budget the Finance Minister of India Mr. Arun Jaitley, announced the fate of cryptocurrencies in India. He stated in his speech, “The government does not consider cryptocurrencies as legal tender or coin and will take all measures to eliminate use of these crypto assets in financing illegitimate activities, or as part of the payment system.” Most people jumped the gun and misinterpreted the Finance minister’s words to be the total ban on crypto assets. However, he was merely making it clear that no illegal foolery will be tolerated with the use of cryptos.
In a landmark stance, the government of India did acknowledge the revolutionary potential of Blockchain as a technology.
While governments and regulatory bodies turn their head towards what might be the biggest change since the beginning of the Dot Com era; it is best that we accept in all our humility that it is not entirely possible to predict the course crypto assets will take.
So, let us thread with caution and not paranoia