Goldman Sachs CEO believes that regulators will not be able to monitor the financial system if Bitcoin is allowed to thrive in its current form.
According to the Queen Telegraph, Goldman Sachs chairman Lloyd Blankfein said regulators should panic in response to Bitcoin's recent success, describing crypto assets as undermining lawmakers' ability to Monitor the financial system.
While appearing on the Squeaky Fox program on CNBC on Monday, Blankfein asserted that Bitcoin's anonymous nature makes it ideal for illicit financing. Saying, "You don't know if you are paying the North Koreans, Al Qaeda, or the Revolutionary Guards.
Although authorities often use blockchain transparency to track the use of cryptocurrencies by terrorist organizations, Blankfein wondered how regulators could allow currency assets Encoded boom in its current form.
In order to adapt Bitcoin to the current financial and regulatory apparatus, Blankfein stresses that many of the fundamental freedoms offered by Bitcoin must be curbed.
and yet he wondered whether the strong demand for Bitcoin would continue without the privacy and anonymity features: this could be practical, but it would undermine freedom and impose a kind of The lack of transparency that people like in the first place. So this is the puzzle Bitcoin will have to deal with to break out of it.
Blankfein also criticized Bitcoin as a store of value, stressing its price volatility and the technological literacy needed to self-preserve Bitcoin.
where he said that it is a store of value that can move 10% in one day, if you lose the token or if you lose the paper slip - you lose it forever, or if he takes it Someone from you - how will you know?
Last August, the US Department of Justice announced that it had seized millions of cryptocurrencies from more than 300 wallets linked to Al Qaeda and ISIS.
In the announcement, Don Forte, head of criminal investigations for the Internal Revenue Service, or IRS-CI, asserted that the agency was able to trace cryptocurrencies back to their source - which allowed Her disassemble the financial networks of groups.
