Recommended Listen: Are All Crypto Privacy Services Potentially Criminal? | Bloomberg Crypto
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Put a whole bunch of crypto transactions into a blender and lock them up in black box - what do you get? Something metaphorically similar to the experience of using a decentralized app called Tornado Cash. The currency mixer app allows users to move cryptocurrency around anonymously. But federal regulators say cyber criminals used the service for money laundering purposes. Tornado Cash was recently sanctioned by the U.S.Department of Treasury.
Privacy is a key objective of many crypto proponents. And it’s one of the features that makes the asset class attractive to some investors. If this principle can’t be guaranteed, some say crypto’s utility becomes questionable.
Bloomberg reporter Emily Nicolle joins this episode to discuss whether or not a decentralized service can truly be regulated, the issue of crypto privacy and the implications of sanctions on Tornado Cash and De–Fi in general.
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Privacy is a key objective of many crypto proponents. And it’s one of the features that makes the asset class attractive to some investors. If this principle can’t be guaranteed, some say crypto’s utility becomes questionable.
Bloomberg reporter Emily Nicolle joins this episode to discuss whether or not a decentralized service can truly be regulated, the issue of crypto privacy and the implications of sanctions on Tornado Cash and De–Fi in general.
Subscribe to Bloomberg Podcasts: https://bit.ly/BloombergPodcasts
#Bloomberg #Podcast #Crypto
Visit us: https://www.bloomberg.com/podcasts
Follow Bloomberg Podcasts on Twitter: https://twitter.com/podcasts
Visit our other YouTube channels:
Bloomberg Markets & Finance: https://www.youtube.com/channel/UCIAL...
Bloomberg Politics: https://www.youtube.com/c/BloombergPo...
Bloomberg Technology: https://www.youtube.com/c/BloombergTech
Quicktake Originals: https://www.youtube.com/user/Bloomberg
Quicktake Now: https://www.youtube.com/channel/UChir...
Quicktake Explained: https://www.youtube.com/bloombergexpl...
For coverage on news, markets and more: http://www.bloomberg.com/video
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Francisco Gimeno - BC Analyst Private Crypto services promise two things, decentralised services and privacy. Of course, this is exactly what any mafia or criminal group would love to use, and probably use when possible. That is why some governments, like the latest "Tornado Cash" debacle decide to intervene against these private crypto services. Governments want centralisation, regulations which should protect all sides. Crypto proponents say regulations are good but crypto must be decentralised and transactions private, as crypto was invented precisely to avoid traditional financial institutions which leave many unbanked while controlling the financial world. So what to do? What is the use of crypto if it is just another tool of the traditional finance? Can we really reach the objective of decentralisation? So many questions yet.