There is a narrative that crypto is used to hide illicit activity and secret money is engaging in mass criminal activity via cryptocurrency. Are we saying that in central banking all activities are honourable and legal? Do you remember Nick Leeson?

Are we trying to say that no one in Barings had a clue what was going on? More recently look at the Evergrande scandal in China and the financial impact reverberating throughout the financial world.

Let me say this ……. The blockchain is transparent, I’ll say it again. The blockchain is transparent.

Also, HMRC and other international tax authorities have forensic tools that can track activity on the blockchain.

You may have heard that back in August 2021 more than $600 million was stolen in what is likely to be one of the biggest cryptocurrency thefts ever, from the Poly network. What you probably didn’t hear is that a few days later this was all returned because the perpetrators realised that there was no way they could get away with this because all blockchain transactions leave a trail that as I said earlier was immutable and most importantly, transparent.

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