Supporters of cryptocurrencies like bitcoin say the digital money and the public ledger technology underneath — known as blockchain — will revolutionize our lives, from transacting to harnessing personal data
Joseph Stiglitz, the former Chief Economist of the World Bank has given a signal to all cryptocurrency enthusiasts and supporters that central banks are yet to pass strict laws on cryptocurrency and that all is not rosy yet. The only reason why the action has been delayed is because the market is relatively smaller than the mainstream economy
Critics, however, voice concerns about adopting a largely unregulated financial asset that can be used anonymously and has no central authority for it
The Columbia University Professor Stiglitz feels that the problems grow from within the cryptocurrency community itself. From his point of view, there are two teams on the cryptocurrency battlefield. One group wants complete anonymity during transactions while the opposite team wants transparency necessary for central bank regulations
Stiglitz says : Although the ledger of transactions that has taken place on the blockchain is public, the anonymity of bitcoin opens the door for criminal enterprises
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