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

[Rosemary Koech-Kimwatu]

Dear listers,

Blockchain technology is no doubt revolutionary but in regards to criminal
activities there is a case for increased liability by stakeholders so that
we have trust over the use of the platforms.

There is evidence that distributed ledger technology can be tweaked to have
permissions and there may be a case for    the creation of a semblence of
compliance to assist in crime prevention.

The above may be radical but we need to start thinking of how we can try
catch up with the technologies from a regulatory and compliance point of
view.

Regards,

Rosemary Koech-Kimwatu
Lawyer-FinTech and ICT Policy
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

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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