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Let Us Not Forget: Crypto Means Secret. Cryptocurrencies as Enabler of Unethical and Illegal Business and the Question of Regulation

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  • Peter Seele

    (Università della Svizzera italiana (USI))

Abstract

In the following, I concentrate on the nefarious, harmful and unethical dimensions emerging only slowly as the rather new phenomenon of cryptocurrencies and blockchain at large become visible only gradually. For the positive and pro-social use of cryptocurrencies please refer to the article of Claus Dierksmeier in this issue of HMJ. As there are many different dimensions still unknown, I concentrate on the ethical issues emerging from the secretive nature of cryptocurrencies, less on the environmental carbon footprint or economic implications of volatility also discussed in the literature. Among the most critical issues are black market transactions of weapons used in terrorist attacks, drugs, or childpornography. Additionally, cryptocurrencies are more and more found in blackmailing people and as payment for ransom-ware and other computer viruses (Wannacry was a remarkable example). Money laundering also is on the rise via cryptocurrencies. I argue that the nefarious use of cryptocurrencies threatens the prosocial potential of cryptocurrencies and in general makes criminal activity easier for criminals and less likely to track down by legal authorities. In closing, I discuss current debates about emerging regulation presenting an overview of some jurisdictions and the option of regulated central bank issues cryptocurrencies.

Suggested Citation

  • Peter Seele, 2018. "Let Us Not Forget: Crypto Means Secret. Cryptocurrencies as Enabler of Unethical and Illegal Business and the Question of Regulation," Humanistic Management Journal, Springer, vol. 3(1), pages 133-139, July.
    • Handle: RePEc:spr:humman:v:3:y:2018:i:1:d:10.1007_s41463-018-0038-x
    DOI: 10.1007/s41463-018-0038-x
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    References listed on IDEAS

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    1. Cheah, Eng-Tuck & Fry, John, 2015. "Speculative bubbles in Bitcoin markets? An empirical investigation into the fundamental value of Bitcoin," Economics Letters, Elsevier, vol. 130(C), pages 32-36.
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    Cited by:

    1. Vanessa Schäffner, 2021. "Between Real World and Thought Experiment: Framing Moral Decision-Making in Self-Driving Car Dilemmas," Humanistic Management Journal, Springer, vol. 6(2), pages 249-272, July.
    2. Michael Pirson, 2018. "Humanistic Management – Sucks Less and Better for your Health," Humanistic Management Journal, Springer, vol. 3(1), pages 1-7, July.
    3. Giuliano Sansone & Flavio Santalucia & Davide Viglialoro & Paolo Landoni, 2023. "Blockchain for social good and stakeholder engagement: Evidence from a case study," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(5), pages 2182-2193, September.

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