UN Exec: Regulating Crypto Use Will Make Internet Safe

Ghada Waly, executive director of the UN office on drugs and crime, has argued that restricting the usage of cryptocurrencies can help make the internet a bit safer.

Controlling Crypto Will Keep Internet Safe

On August 18, Waly emphasized that the focus should be on examining how digital assets are utilized unlawfully during a session with the World Economic Forum. Notably, many assets have been used in illicit vices like the acquisition of drugs and money laundering during the growth of cryptocurrencies.

Waly contends that limiting use at the national level should come first, followed by the development of capacity among diverse stakeholders.

Waly said:

“There’s an element of capacity building and national regulation but there’s also investigation collecting evidence. There’s this whole story of cryptocurrencies and how it’s used on the internet in an illegal form. These are small interventions where a lot of investment needs to happen in infrastructure in capacity building in the cyber security space.”

The Executive admitted that the majority of governments lack thorough regulations that can address new cybercrime concerns.

It is important to note that the executive has placed more emphasis on persuading UN members to consider the criminal use of cryptocurrencies while combating new types of crime like those on the darknet.

BTC/USD trades at $23k. Source: TradingView

She pointed out that concentrating on cryptocurrency presents opportunities to create appropriate and fact-based regulations to combat the crimes.

Her POV Is Popular In The UN

In order to protect the public, various UN organizations have called for the regulation of cryptocurrencies.

The United Nations Conference on Trade and Development (UNCTAD) noted that private digital currencies pose a danger to state monetary sovereignty, policy options, and macroeconomic stability in addition to supporting criminal activities.

Additionally, criminals are increasingly embracing privacy-focused digital assets like Monero as regulators tighten down on the use of assets like Bitcoin in crime.

Featured image from Pixabay, Chart from TradingView.com