Cryptocurrency and State Sovereignty - Comprehensive Review of Bitcoin, Blockchain, and Virtual Currency Technology, Hash Functions, Merkle Trees, and

Download or read book Cryptocurrency and State Sovereignty - Comprehensive Review of Bitcoin, Blockchain, and Virtual Currency Technology, Hash Functions, Merkle Trees, and written by U. S. Military and published by Independently Published. This book was released on 2018-09-05 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since Bitcoin's release in late 2008, the cryptocurrency has grown and proven itself as a disruptive technology, resistant to sovereign law and international financial regulations, and an alternative to the sovereign state's concept of fiat money. The Wild West nature of cryptocurrency has enabled a number of individuals, criminal organizations, terrorist groups, and sovereign states to use Bitcoin, among other cryptocurrencies, to avoid detection, interference, or punishment from regulatory agencies to commit actions such as money laundering, trafficking narcotics, purchasing weapons, and bypassing international sanctions. This study addresses the disruptive nature of cryptocurrency by asking what legislative options are available to sovereign states to maximize the effectiveness of sovereign laws while limiting undesired cryptocurrency use. To tackle this question, this study breaks down the legislative actions countries may take into three categories