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

[Ngigi Waithaka]

Ali,

The criminal argument against Blockchain is probably the weakest,
especially from a Kenya PoV where you might want to ask, how many criminals
have been caught in the mainstream financial system viz-a-viz the amounts
of monies laundered?

Rgds

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
>
> 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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-- 
*Regards,*

*Wait**haka Ngigi*
Chief Executive Officer | Alliance Technologies | MCK Nairobi Synod Building
T +254 20 525 0750 |Office Mobile: +254 716 201061 | M +254 737 811 000
www.at.co.ke
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