Government Interested In Global Banking System

[Paglamon]

According to BullyESQ, the increasing interest of the government in the global banking system is the reason cryptocurrencies being monitored so closely by it.

He further mentioned, “So obviously they’re watching crypto very closely because they don’t want crypto used as a way to circumvent sort of these global checks. On international terrorism, money laundering, etc. And those are understandable goals for the government to maintain but at the same time, I’m not sure you need complete transparency in the financial system”.

RAND recently published a report which stated that although Bitcoin transaction could be traced, still most of the hackers use it for darknet transactions.

BullyESQ mentioned that if the shielding mechanism is not integrated with Bitcoin transactions then it could easily get traced.

Additionally, he said that when the Bitcoin was introduced, people thought that it is fully privacy protected but now the people realized that the truth about it is something else.