Anytime a new industry comes into existence, there is a good deal of resistance against it simply because it’s something that people don’t understand. I remember when social media first started, and people in my parents’ generation thought the whole concept was ridiculous. The news outlets were eager to criticize it. These days, all of our parents are on Facebook, and it and other social media outlets are the primary sources of news for many people. One of today’s versions of that initial social media craze is cryptocurrency.
Even though cryptocurrencies have been around since 2009, it’s only been in the last few years that the concept has become more mainstream and more broadly accepted. This mainstreaming of a formerly obscure topic is very nerve-racking to people. And while I understand the anxiety around the issue, I’m here to tell you that turning and running the other way isn’t the solution to the problem.
Most people know about cryptocurrencies because they are often used in criminal enterprises like human and drug trafficking. The anonymity built into the cryptocurrency system makes it possible for bad actors to exchange money without being tracked. If you think that banks and regulators refusing to acknowledge cryptocurrencies because of their bad reputations slowed their growth, you’d be sorely mistaken.
A lack of involvement from banks and other institutions with expertise in financial regulations has allowed the bad guys to thrive in the system without any checks and balances. The natural next question is, if cryptocurrencies are anonymous by design, how can they be regulated at all? Well, I’m glad you asked. The reality is, we can’t regulate the activities that are taking place within blockchain, but we can regulate and monitor the transactions that are going into and coming out of the system.
When we invest in the cash-to-cryptocurrency industry, we build legitimacy into the system. At Surety Bank, we are experts in safe banking and are committed to being frontline in regulating and monitoring cryptocurrency. That’s why I joined on as one of the founding members of Cryptocurrency Compliance Cooperative earlier this year. It’s our mission to bring these cash-to-cryptocurrencies businesses under our wings so we can help create a safe place for people to exchange online currencies.
To know me is to know I’m not one to shy away from problems. I like to think big and tackle significant issues. I believe a global, preemptive approach is necessary to conquer our cryptocurrency problems and free the system of the people using it for nefarious reasons. If you’d like to learn more about how Surety Bank is engaging with cryptocurrencies, contact me for more information.
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