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Is cryptocurrency now legitimate (not just for the criminal groups?)

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We've all seen the ransomware headlines - not a day goes by that a threat actor group doesn't post a cryptocurrency ransom following successful deployment of malware to a business' networks.

But is the currency finally now mainstream? Recently CBA in Australia, started accepting and managing cryptocurrency (it struck strategic commercial relationships with regulated crypto exchanges and custodians).

Visa is working through its Circle partnership to offer the currency, and Paypal is now live with Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.

Could we see regulators move to tighten the use and flow of the currency further?

https://economictimes.indiatimes.com/news/international/business/paypal-inches-up-on-enabling-crypto-payments-for-shopping/articleshow/87800822.cms

What do you think?

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Comments
Anthony Passe-de Silva @ 2021.11.29 5:24 PM
Blockchain offers amazing opportunities to materially improve myriad industries including financial services (e.g. cross border payments, trade finance). However, it remains a key issue that non-regulated blockchains do not meet the AML-CTF, tax and other transparency requirements needed by government to genuinely legitimise these private coins. Either they systems need to provide this or governments will be inclined to corale these systems (e.g. Central Bank Stable Coins). There remains a place for those who can use the tech well and that's where I believe blockchain can offer something more.

Lynn Wood @ 2021.11.29 5:29 PM
Good points Anthony!

Lynn Wood @ 2022.05.21 9:55 AM

"In contrast to stocks, bonds and property, the existential risk for cryptocurrencies is that it is impossible to value assets that have no intrinsic worth. The crypto Ponzi relies on the greater fool theory: with no income-generating capacity and de minimis practical uses aside from money laundering and tax evasion, bitcoin is worth more than $0 only if you can convince another person that it will one day trade at a higher value. Hence, the hyperbolic crypto-to-the-moon memes".

https://www.afr.com/wealth/personal-finance/could-bitcoin-fall-below-us10-000-20220517-p5am5b?



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