Compliance & Law Enforcement in the Age of the Blockchain
We love our partners over at The Hive for the incredible content they bring to the table and the inevitable learning and inspiration that ensue every time we collaborate with them. Such was the case last week, when PARISOMA hosted "Compliance & Law Enforcement in the Age of the Blockchain," a panel discussion featuring Juan Llanos, the EVP of Business Development at Coinalytics; George Frost, former General Counsel and Executive Vice President at Bitstamp, and Adam Shapiro, Managing Director of Promontory Financial Group.
The panel discussion covered the laws and regulations surrounding the all-too-mischievous Bitcoin and its underlying technology, the blockchain. It was particularly interesting to learn about Bitcoin from different perspectives, from those employing the cryptocurrency for common commercial use, to those trying to find a way to prevent the fraudulent use of it. The panelists discussed heavily the need for a world bank, a world currency, and how Bitcoin could be that for all of humanity, but because of its anonymity was misused and abused by those clever enough.
“When shopping online we have to put in our personal information into a new and possibly unknown server, dispersing personal information all over the world. That information we give away and unknowingly let them use it against us, selling our digital footprint to those who can use it for profit. We are being tracked with our digital footprint, and our footprint has become a valuable asset. Legislative changes about the values and ownership and privacy preserving of our digital footprints have not yet been put into motion. With Bitcoin, on the other hand, we don’t have this issue. The information that you share to exchange this currency has to come from somewhere else. We know the address, we can trace it back, but we can not now, or ever, know the ownership.”
- Juan Llanos, EVP, Business Development, Coinalytics
After much discussion, the group as a whole came to the conclusion that in the end, only the lawyers win. Bitcoin just doesn’t have enough set regulations and if smart enough, anyone can abuse an otherwise really helpful world currency.