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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
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Peter Seele
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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.
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FUTURE CHALLENGES
Let Us Not Forget: Crypto Means Secret. Cryptocurrencies
as Enabler of Unethical and Illegal Business
and the Question of Regulation
Peter Seele
1
Received: 22 May 2018 / Accepted: 23 May 2018 / Published online: 30 May 2018
Abstract In the following, I concentrate on the nefarious, harmful and unethical dimen-
sions 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.
Keywords Business ethics .Cryptocurrencies .Dark net .Digitalization .Money laundering .
Secrecy .Switzerland
Humanist Manag J (2018) 3:133–139
https://doi.org/10.1007/s41463-018-0038-x
*Peter Seele
peter.seele@usi.ch; http://www.usi.ch
1
Faculty of Communication Sciences, Università della Svizzera italiana (USI), via G. Buffi 13 (R.413),
CH-6900 Lugano, Switzerland
#Springer International Publishing AG, part of Springer Nature 2018
Content courtesy of Springer Nature, terms of use apply. Rights reserved.
... We grouped these into technology-related, business-related and legal and policy-related barriers. Thus, our paper mainly contribute to the issue of understanding and mitigating the negative use of crypto, by analysing its impact on international business activities (Seele, 2018). More importantly, our paper finally stands out by shedding light on the "often-overlooked" dark side of new technologies: it not only underscores the negative aspects that demand attention in the responsible use of technology but also pioneers a fresh perspective on the technological barriers, emphasizing not just the lack of technology or skills but the indirect repercussions of illicit tech use in target investment countries. ...
... Despite the immense potentialities, some barriers hinder foreign investment in MEA markets (Kammoun et al., 2020;Sedik and Seoudy, 2012), regulatory complexities, political instability and infrastructural challenges are among the commonly cited impediments. However, a notable concern that has emerged in recent times is the unregulated use of cryptocurrencies, introducing new dimensions to investment challenges (Maimbo, 2020;Seele, 2018;Wang and Zhu, 2021). ...
... Despite their positive impact on digital entrepreneurship, cryptocurrencies are not immune to ethical concerns. The pseudonymous nature of transactions raises alarms about potential misuse, including the financing of terrorism and participation in illicit activities (Foley et al., 2019), highlighting a sort of "dark side" of cryptocurrencies (Ali, 2015;Seele, 2018). ...
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... Cryptocurrencies-relying on blockchain technology-are also used for funding international crime and terrorism [74]-again, ethically unacceptable based on the ethical point of reference of human rights [75,76]. ...
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