The dubious and dark side of cryptocurrencies

 

by Suthep Chaviwan.

 

Dozens of news reports in the mass media, YouTube,  social networks, and printing materials in recent years and nowadays have released news and comments on the dark side of bitcoin and altcoins. Such remarks are including saying that cryptocurrencies are lacking market regulations, and they are extremely difficult to track, that's why people often use them for dark trading.

 

The mentioned mass media also accused that cryptocurrency is notorious for being preferred by criminals and terrorists for payment and trade. Cryptocurrencies are prone to bring financial chaos as all transactions are beyond the control of regulators.

Because of a lack of regulations, cryptocurrencies are extremely difficult to track and that's why people often use them for dark trading, the report said.

 

The report also said that apart from illegal activities, and fraud, countless people across the world were attacked by a malware program that locked their computers and demanded money to unlock them.

 

Some attackers even sharply criticize that mining cryptocurrency consumes a lot of electricity and it may take nearly 25% of the miner's revenue, unless we have renewable sources of energy, it's not worth it.

 

It is true that cryptocurrency mining is relying heavily on renewable energy, and poses a threat to climate-change goals.

 

Some articles had pointed out that cryptocurrencies serve as a financial enabler to a multitude of illegal and disreputable purposes such as money laundering, fraud, drug trafficking, human trafficking, child exploitation, dark marketplace trading, cybercrime, and terror funding.

 

However, the attackers do not have evidence to support their accusations, especially about terror funding. But there are many shreds of evidence that the popular crypto exchanges including the ones that are seeking permission to work in Thailand are fraud, among them is Binance.

 

Yes, every coin has two faces or two sides, but despite knowing that cryptocurrency prices are historically volatile, rising and falling quickly. It is difficult to prevent crypto enthusiasts to invest and may not think twice before investing in these digital cryptocurrencies.

 

Anyhow, the new persons who are planning to enter the crypto business, still have more time to study the pros and cons of cryptocurrency.

 

In my knowledge who have the connections with the news in Myanmar and Northeast India where more than 50 different groups of armed groups are operating, I do not come across news that any armed group is using cryptocurrencies to purchase their weapons and ammunition for causing terror.

 

The traditional systems of Hawala transaction and Hundi transaction are still being practiced among them.

 

By this time, no need for insurgent groups in these regions to use the sophisticated crypto transaction system to purchase arms and ammunition to fight against the ruling Governments.

 

The National Unity Government of the Republic of the Union of Myanmar (NUG), the shadow government, who is against the Myanmar military regime had accepted Tether stablecoin for 'domestic use'. The NUG is an alliance of leaders from the ousted civilian government, and it is not a rebel group. It is wrong to accuse NUG of using cryptocurrency for terror purposes.

 

The pending question now is that: will the NUG which supports its ousted leaders, Aung San Suu Kyi and President Win Myint, will continue to use Tether as the national currency like El Salvador or not, if the NUG successfully topple the government of Myanmar's junta chief Min Aung Hlaing.

 

Is it possible that the NUG, when it becomes the government and ruling Myanmar, declares that the demonetization of all Burmese kyat notes cease to be legal tender, and adopt stable coin Tether as legal tender of Myanmar?. Suthep Chaviwan/ Jan. 28. 22

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Risk warning: This article is for information only, and the writer would like to warn that cryptocurrency trading is subject to high market risk, and it is difficult that fortune from cryptocurrency can occur overnight. Please make your trades cautiously as the writer will not be responsible for your trading losses.

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