Cryptocurrency Is a Shiny Little Toy per Indian Supreme Court AdvocateApril 4, 2019
There are countries who have their own limitations about regulating cryptocurrencies due to which they ban cryptocurrency transactions altogether.
Abraham C. Mathews, Supreme Court Advocate from India, stated, “Cryptocurrencies by their very nature cannot be regulated. The supreme court should resist the urge to get involved.” He further added, “You cannot regulate something that you do not have some semblance of control over.”
However, he clarified that he did not mean to have cryptocurrency declared as illegal, but it should be treated for what it is. According to Mathew, cryptocurrency is a shiny little toy. If provided regulatory legality or statutory approval, it is going to be foolhardy. In the past week, the Indian Government stated that the draft regulations are in the final stages.
Whether for startups like TCAT Tokens or seasoned cryptocurrency exchanges who list giant cryptocurrencies like Bitcoin or Ethereum, it is important for them to work in compliance with newer and updated regulations.
Regulation need not be a scary terminology. It is with regulation that progressive development happens. The potential utility of cryptocurrency will improve if there will be improved security and anonymity, which in turn will lead to widespread adoption of the digital asset.
While cash continues to be the most preferred store of value in most transactions, anonymity is the catchword to spread adoption of cryptocurrencies.
A research report from RAND Corporation states, “Large sums are difficult to spend or manage anonymously, and cryptocurrencies need improved infrastructure to manage and spend anonymously.”
With changes in cryptocurrency technology, there is not sufficient evidence to show that terrorist organizations are interested in adopting this digital asset. Total anonymity is not possible in the current scenario. And none of the cryptocurrency exchanges will offer such features to terrorist organizations. And in the current scenario privacy coins will not suit terrorist organizations and their transactional needs.
Darknet methods is not a safe possibility for procuring weapons for terrorists as they might not be able to use it directly for their purchase. While crypto exchanges will be subject to regulatory control for suspicious activities, terrorists find this mode to be a useful source for fundraising.
Terrorist organizations will be able to use the crypto only for as long as governments do not regulate the crypto; however, when they regulate the crypto, and there is cooperation between international law enforcement and intelligence community, it can provide for some kind of stability.