Is It Wise To Blame Cryptocurrencies If Someone Uses Them For Avoiding The Law

Crypto regulation drama is getting more and more serious day by day in every part of the world, wherever crypto exists.

Recently, Agustin Carstens, GM of the Bank of International Settlements (BIS), urged lawmakers to implement purposeful laws for regulating crypto. According to Carstens, crypto is a tool that is primarily used by criminals for evading the due process of law. He was of the view that no one is above the law and therefore crypto and crypto owners should be treated in the same spirit.

Carstens also showed his anger towards Bitcoin and said that he does not agree that Bitcoin is an asset at all. In fact, it is a source of committing white-collar crimes and avoiding the law, he suggested.

In the past, Carstens had heavily criticized cryptocurrencies and advocated crypto banning as well as regulation of them. In his recent interview, the GM was found alleging that the policies of AML and KYC do not apply to cryptocurrencies at all. Those who argue that crypto trading is done by applying both these policies, are in fact lying, claimed Carstens.

But Carstens isn’t the one who could be blamed for not agreeing with the majority. Nor he is responsible if governments have been debating crypto regulation these days a lot. In fact, there are genuine reasons which have been giving rise to this debate.

For instance in Nigeria, central bank of the country had issued some directives which were found to be adverse against crypto industry. Though the directives were for the banks to comply with, however, they indirectly affected the Nigerian crypto space. Resultantly, a wave of anti-Government protests started to take a peak.

Similarly, a report has been compiled by crypto experts recently according to which there is further expected increase in crypto scams. The report revealed that the increase is massive and estimated it to be 75% more than what was in the past year.

These are the things that ignite such unwarranted debates for which the whole industry is blamed for.

The fundamental thing about digital currency, when it was being produced, was that it was to be “decentralized”. Meaning thereby that it will be completely private and free from any supervision or regulatory control by respective government or governmental authority.

From day one, there was instability within digital coins and like the usual currency, they can be subjected to fraud, theft and/or misuse. In the eyes of crypto experts and enthusiasts, the argument that crypto is used for illicit activities is misconstrued and based on wrong assumption. None can blame entire crypto industry if it is being used for a purpose which was not meant to, argued crypto enthusiasts.

But the talk of crypto regulation is becoming more serious than ever before.

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