Controlling Cryptocurrencies Can Make the Internet Safer, Says UN

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Ghada Waly, executive director of the UNspoke about cryptocurrencies at the World Economic Forum and stated that “monitoring the use of cryptocurrencies can make the Internet more secure”.

Waly states that limiting the use of cryptocurrencies at the national level should come first, followed by capacity building among various stakeholders.

The director admitted that most governments lack regulations that can address emerging cybercrime concerns. Waly focused his talk on the importance of the ways digital assets are used illegally, to understand how they are exploited.

“There is an element of capacity building and national regulation, but there are also investigations that collect evidence. There is this whole history of cryptocurrencies and how they are used illegally on the Internet. These are small interventions in which a large investment in infrastructure must be made for the development of capacities in the cybersecurity space”, Ghada Wally said.

New forms of crime related to the use of the Internet, such as drug trafficking on the dark web and the illicit use of cryptocurrencies, must be taken into account in order to develop appropriate evidence-based policies to address and combat the world drug problem. ”.

Cryptocurrencies in illegal activities

Wally referred to cryptocurrencies as assets that are used in illegal activities such as money laundering and theft.

Thus, he cited the recent cryptocurrency mixer case TornadoCashwhich was blacklisted by the US Department of the Treasury for allegedly being used to launder over $7 billion worth of cryptocurrencies.

The UN has declared war on cryptocurrencies and has increasingly focused on mobilizing UN member countries to ban assets that cite the illicit use of cryptocurrencies to combat emerging forms of crime, such as those taking place on the dark web.

The director noted that the focus on cryptocurrencies offers space to develop appropriate evidence-based policies to combat crime.

Several organizations linked to the UN called for the regulation of cryptocurrencies to “protect the public”.

The United Nations Conference on Trade and Development (UNCTAD) recently declared that ‘private digital currencies’ pose a threat to governments’ monetary sovereignty, political choices and macroeconomic stability, in addition to supporting criminal activities.

Additionally, the director said criminals are increasingly adopting privacy-focused digital assets, such as Monero Y zcashas regulators restrict the use of assets such as Bitcoin Y other cryptocurrencies.

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