What's harming if we take Bitcoin as internationally legal currency !!!???
The most powerful fear about Bitcoin is its untraceable movement and transaction which has potential risk of illegitimate use of fund. Our present financial systems are governed by AML & Anti terrorist financing rules and regulation which are high cost incurring. Introduction of these types of rules and regulations and flourishing of ICT are contemporary. During last two decade at the same time newly imposed rules & regulations increased the cost and latest technology decreased the cost of financial services. As a result real cost of regulations are not reflected and silently customers are deprived from the blessing of technological development in terms of cost of services.
The most powerful fear about Bitcoin is its untraceable movement and transaction which has potential risk of illegitimate use of fund. Our present financial systems are governed by AML & Anti terrorist financing rules and regulation which are high cost incurring. Introduction of these types of rules and regulations and flourishing of ICT are contemporary. During last two decade at the same time newly imposed rules & regulations increased the cost and latest technology decreased the cost of financial services. As a result real cost of regulations are not reflected and silently customers are deprived from the blessing of technological development in terms of cost of services.
However, there is no universally accepted evidence of reducing crime after introducing anti money laundering and other related laws. Under our present financial regulatory environment Bitcoin is almost illegal by its origin and by the nature of its transactional process. But if we could prevent crimes by the actions associated with it we need not any such regulatory burden. Bitcoin could drastically reduce our financial system cost.
#BigIdeas2015
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