[kictanet] Should a Technology be regulated? - The current state of blockchain regulation

[Ahmed Mohamed Maawy]

Hello Ali,

The whole idea behind BlockChain (and its architecture principle as well as
how its algorithms work) is to rid of central point of regulation. The
Banking system and the regulatory frameworks already exist, the question
then becomes, (and this is not a BitCoin question but more of a BlockChain
question) can then banks and other financial entities adopt BlockChain to
make more efficient processes instead? Can we then invest in BlockChain to
for instance make it possible to have same day and time money transfers
from the US to Kenya possible?

But in principle regulating BitCoin is the equivalent of sending Nelson
Mandela to Robben Island.

On Tue, May 9, 2017 at 5:21 AM, Ali Hussein via kictanet <
kictanet at lists.kictanet.or.ke> wrote:

> Dear Listers
>
> BlockChain Technology is in its infancy the world over. From the US to
> China to Europe, countries and players haven't really figured out how to
> play this ground breaking Technology when it comes to regulation. It
> doesn't help that the Technology is marred by the criminal elements that
> use Bitcoin to launder money and generally use it to hide from law
> enforcement agencies. For example Kidnappers and Denial of Service Hackers
> insist on being paid by Bitcoins because of its potential anonymity.
>
> However, criminals since time immemorial have always conducted their
> activities using mainstream financial engineering methods and tools to hide
> their ill gotten wealth. Should we confine a Technology that has the
> biggest potential to positively impact the world in a way not seen since
> the advent of the internet to criminality because it is being used by
> criminal elements? Or should we harness its great potential while
> mitigating its darker side?
>
> Many of us know that the Internet has a darker side - The dark web, where
> activities like Mass Identity Theft, Child Pornography and DDoS Ransoms
> routinely happen. This hasn't stopped it becoming mainstream and being
> unequivocally a force for good.
>
> http://weartv.com/news/local/dark-web-542017
>
> So why then is the conversation around Bitcoins, other cryptocurrencies
> and the Technology that makes them possible so marred in controversy?
>
> The article below and a research linked therein seeks to answer some of
> these questions.
>
> https://t.co/ZV903HSohf
>
> However, even as we read global stories on BlockChain we must chart our
> own path. This will take players from diverse backgrounds and motivations
> to pull together to ensure we are not left behind and we harness the full
> potential of BlockChain Technologies to advance ourselves.
>
> *Ali Hussein*
> *Principal*
> *Hussein & Associates*
> +254 0713 601113 <+254%20713%20601113>
>
> Twitter: @AliHKassim
>
> Skype: abu-jomo
>
> LinkedIn: http://ke.linkedin.com/in/alihkassim
>
> "We are what we repeatedly do. Excellence, therefore, is not an act but a
> habit."  ~ Aristotle
>
>
> Sent from my iPad
>
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-- 
*Ahmed Maawy*
Principal Product Management Specialist - Al Jazeera Media Network
Skype: ultimateprogramer
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