What’s in your wallet? Government surveillance
by Serge Kutuzov
Posted May 22, 2021
Cryptocurrencies work by recording every transaction ever made in a publicly-available database called a blockchain, providing cryptocurrency users with verifiable proof of every purchase, sale, and transfer that occurs. In order to protect your privacy, the blockchain replaces your personal information with a digital key. But anyone who can connect your digital key to your real-life identity can track all of your activity on the blockchain.
The US Treasury is currently considering a proposal — officially titled Requirements for Certain Transactions Involving Convertible Virtual Currency or Digital Assets — that will give government agents the power to do exactly that. This new rule will mandate that cryptocurrency exchanges provide your personally identifiable information and your digital key to the government whenever you make large transactions. Once the government has this data, they’ll be able to spy on your spending, no warrant or subpoena necessary.
Think it can’t happen? Think again. In fact, governments all around the world are currently abusing cryptocurrency regulations to spy on the public and silence political dissent. More…