I used to be intrigued by the correlation of rai limestones from early Micronesia and blockchain know-how (“Bitcoin 1.0 was the traditional stone cash of Yap”, Pocket book, FT Weekend, March 6). I might add the centuries-old “hawala” system as one other trust-based technique to switch worth.
Bitcoin and different cryptocurrency transactions are inherently clear because of the decentralised nature of public blockchain ledgers. It’s little doubt simpler to catch the unhealthy guys exploiting cryptocurrency than these smuggling money. Two US senators lately fashioned a bipartisan monetary innovation caucus to teach fellow lawmakers about cryptocurrency and blockchain points, an vital step in implementing clear, knowledgeable rules on this rising area.
Andrew Q Eck
Former Deputy Assistant Secretary,
US Treasury, Alexandria, VA, US