A young crypto analyst and enthusiast Joseph Young explains the most critical monetary felony people have been indulged in since the times the currencies were coined to aid in keeping measure for a person’s input to yield benefits for it. The financial crime, money laundering is the major focus for the economists of the world which has been tackled with all the might yielding little or no favourable results. With the advent of cryptos, the blockchain technology was brought to light which Joseph Young suggests is the best to deal with the money laundering situation. He counters the recent money laundering scandal involving largest German bank, Deutsche Bank. The scandal features laundering about $200 billion euros which is quite a handsome amount to be put under the microscope for. BlockPublisher indulged in the conversation to get some remarks over the very discourse from the man himself.
The real difference in the current financial system and the one designed with strict KYC/AML systems and blockchain analysis firms like Chainalysis are the protocols that hinder the white collar crime such as money laundering. The recent German bank controversy shows how the current systems lack the required protocols.
The incumbent authorities are strict enough to pick out a single flaw of an otherwise better crypto proposition and deem it unapproved, but they do not turn their heed towards such a grand scale monetary disaster that has wrecked such a havoc. The government authorities have recently regulated singing ICOs and token sales before in order to keep record of the total turn after the sale is over. Though this is a good step, the best step from the incumbent authorities would either let crypto dealing be official or incorporate blockchain technology into the current systems.
The blockchain technology keep track of every single transaction ever conducted without letting the other users know what exactly the transaction was. In case of something fishy, we can always trace back to the origin of the evil or the massacre.
There are people who take the crypto parameters as mere scam stating that the current system is in the best form as it is and we have to cater for little flaws with much strict regulations. The lack of the urge to evolve is the exact element that has wiped dinosaurs off of the globe and if we stick to this any longer, the same extinction massacre is in the making for a stable financial system.