May 20, 2017

Should Cryptocurrencies Be Regulated?

   May 20, 2017

Should Cryptocurrencies Be Regulated?

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Editor’s Remarks:
The world’s criminal underclass prefers to deal in cold, hard cash. Anything else can be traced too easily, and even hardened crooks want to sleep easy at night. Cryptocurrencies, however, carry the potential to enable tech-savvy drug dealers, thieves and assassins to store their black money on a USB stick or in some unknown corner of the Dark Web. The argument can indeed be made that all bitcoins should simply be outlawed, but this course of action entails two potential problems: firstly, there are now countless legitimate Bitcoin owners, such as the Winklevoss twins (perhaps best known for suing Mark Zuckerberg for $65m); secondly, as the so-called “War on Drugs” has perfectly demonstrated, unlawfulness does not prevent people from engaging in illegal activities. Therefore, regulation seems like the only logical option. After all, in the past two years alone, the global value of Bitcoins has shot up from $3bn to $29bn. The emergence of other cryptocurrencies such as Ethereum and Ripple have pushed the worldwide value of cryptocurrencies to $50bn. However, the Eurozone has banned €500 bills, the UK has released a new £1 coin and India recently destroyed the majority of its banknotes to clamp down on black money. Allowing an unregulated cryptocurrency that can be traded in infinite denominations to grow exponentially therefore seems like a terrible contradiction. Most of our readers appear to agree.

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