At the Symantec Government Symposium in Washington DC, FBI Director James Corney released the agency’s strategy to “break” data encryption methods in 2017. Leading economists including Nobel-winning Joseph Stiglitz have also praised the government’s efforts of “shutting down” cryptographic networks like Bitcoin.
Most financial institutions, leaders, and economists believe that bitcoin, as a form of money, must be regulated and overseen by the government. Stiglitz for instance, claims that bitcoin “has been [used] to circumvent tax authorities and regulation,” citing that most use cases revolve around illegal activities. But so is cash and most other forms of money that exist in the market today.
Banks and financial service providers have been proven to execute illicit trades and money transfers for their elite clients, who receive the benefits of the corrupt monetary systems and money distribution systems in