[2015-12-01] Mint: Disruptive tech from the world over

Watch list: Disruptive tech from the world over

http://www.livemint.com/Consumer/oOcrdRQ0pH0i2Pc83hmNYO/Watch-list-Disruptive-tech-from-the-world-over.html

Should we be worried about cryptocurrencies?

Short answer: Even if it’s not big yet, yes.

Soon after the recent terrorist attacks in Paris, there were reports of how terrorists might have used encryption—easy and cheap to access these days—to communicate. It turned out they were using good old SMS. Now, attention has turned to cryptocurrencies. ‘Reuters’ reported that European Union countries plan to go after virtual currencies and anonymous payments made online to curb the flow of funds to terrorist organizations.

These fears are hardly new. There are reasons why cryptocurrencies are used for shady activities—like buying drugs, gambling and terrorist funding. They can be transacted anonymously; they are not restricted by national borders—a bitcoin is as valid in Europe as it is in America; they can be transferred as immediately as cash; and of course they are low-cost and easy to use.