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I would argue the contrary. Governments need to take the concept of a digital jail very seriously. Every use of the financial stick to silence dissent and pro
by nimbius 5y ago
I would argue the contrary. Governments need to take the concept of a digital jail very seriously.
Every use of the financial stick to silence dissent and protest makes all the more cogent an argument for cryptocurrency, especially untraceable forms such as Monero. traditional Kissinger style flexes of soft power, while effective in the past as KYC turned the fiat world into a tool of state, only serve to galvanize actors in the crypto sphere.
the astute would argue that KYC ingress and egress control take some steps to extend the stately stick of monetary policy to where it could act similarly. freeze a protestors exchange account and youve accomplished nearly the same thing. However this merely stokes an arms race at the expense of a well funded industry of exchanges that are neither keen on enforcing arbitrary rules of a countries law, nor are they comfortable with the inevitable outcome of such enforcement: exodus and loss of trust. overzealous enforcement, or even the perception of such in this case could result in the collapse of the inroads to crypto altogether at a certain point, with industries simply dealing in crypto entirely as new means to earn $coin emerge at the state and local level, for example, companies that pay in $coin.