A leading official of the US Secret Service has called on Congress to regulate privacy coins. The aim is to prevent anonymous crypto currencies such as ZCash, Monero or ZCoin from financing the trade in drugs, people or weapons. From Cain, Abel and classical symptom control.
Crime has existed since the beginning of mankind
This began shortly after creation. After Adam and Eve left paradise for known reasons, they had two sons – Cain and Abel. After the former had slain the latter out of jealousy, there were already several cases of crime in the second generation of mankind. And all because of an apple. But did God come up with the idea of banning apples? By no means.
Jump into the present: Crimes are still committed. Some more difficult, others less difficult. Now it is probably only rarely about apples, but the motives behind the crimes probably remain the same as in the past: jealousy, greed, hatred – human, all-too-human. Especially crimes that revolve around the trade with illegal goods and naturally have to remain anonymous are increasingly being paid for with privacy coins – in some cases this is simply more practical than cash. Even if this is at least as anonymous.
For this reason, a motion was submitted to the US Congress to ban privacy coins.
So said Thomas Ott of FinCEN’s Enforcement Division
“We’ve seen crypto currencies used to spend billions of dollars on what we would call suspicious activity.”
The petitioner Robert Novy, his sign deputy chairman of the U.S. Secret Service, said to consider:
“We should […] consider legislative or regulatory measures to improve controls to address potential dangers of anonymous crypto currencies. This also includes offerings that include transactions on the blockchain (such as tumblers or mixers) as well as crypto currency mining pools.”
The problem lies in human nature
Such statements belong to the classic accusations against crypto currencies. Whether it is the mother of all crypto currencies, Bitcoin, or the more anonymous variants such as Monero or ZCash, they finance human trafficking, money laundering and drug trafficking. The greed, envy, jealousy or injustice that lead to such activities emanate from people and the social system they have created. Fighting crypto currencies or privacy coins would not change these causes, it would merely combat symptoms. Because the problems originate from human nature. They come neither from crypto currencies, nor from cash – nor from apples.