Re:We must protect our ability to transact privately online ...
by nervuri on Thursday July 14, 2022 @01:25PM
(#32098984)
The ability to make large anonymous digital transactions do make corruption and tax evasion easier to get away with. As for sanctions, I imagine they can mostly be enforced by looking at the flow of goods. The money transfers can't be traced, but the weapon shipments can be.
Private non-traceable transactions of £100k? Enough money to move the needle on a political campaign or bribe a public official. Suddenly every cop or judge can be untraceably on the take. Law enforcement against crimes of the powerful becomes even harder.
Private non-traceable transactions of £1bn? Suddenly international sanctions don't work any more and you can't tell who's selling weapons to the Russians or funding the next 9/11.
The thing about cash is that the larger the transaction is the harder it is to hide. Digital transactions are the opposite: a micropayment and a megacrime are equally visible.
Westerners tend to forget, but corruption is real and left unchecked will destroy your society.