Financial surveillance and crypto utopias (recording from HCPP19)
This talk is based on Juraj’s upcoming book Financial Surveillance and Crypto Utopias.
In a world where financial surveillance is a norm and banking secrecy is gone, what are our option? And how does the surveillance apparatus really work?
The introduction of global regulations on financial transactions had a profound effect. As far as we know, no terrorists were caught because of them. Banking secrecy is gone. It is more difficult to conduct international business. International transactions are being examined and blocked. Commerce is slowing down.
The banks are running a police station for the state, enforcing a regulation that is not clear. Conducting international business has become unpredictable. This creates the value proposition for cryptocurrencies. They bring back privacy, the speed of transactions and are regulated by code, not international agreements. They are difficult to confiscate, some of them are fast, most of them are cheap. And some of them are anonymous.
Are cryptocurrencies the next step in the evolution of the financial sector? Or is it a parallel solution to a pressing issue? This talk looks at the development of financial surveillance. It looks at current financial surveillance and risk management systems. It covers the best use-cases for cryptocurrencies and their value proposition. They are not speculation for gamblers, but a solution to a new pressing issue.