New US draft ban on cryptography could affect cryptocurrencies? Practicality is too weak

The Department of Justice, led by U.S. lawmakers and Attorney General William Barr, is reportedly considering a total ban on cryptography.

crypto

At a summit in the White House, Barr mentioned his opposition to end-to-end encryption. He said "military-level" security features could lead to human trafficking on closed networks.

"We live in a digital age. Like everyone else, traffickers are increasingly relying on digital communications and the Internet. We are increasingly relying on digital evidence to discover and deal with these offenders. However, more and more evidence is encrypted status."

Barr and MP Lindsey Graham are working on a draft bill. The bill aims to ban inappropriate content on websites and social media. The intention is positive, however, it requires government officials to gain everyone's privacy through a backdoor. Therefore, users who use the private messaging app through WhatsApp or Apple devices will inevitably need to give up their privacy.

Moreover, the existence of this backdoor may be exploited by evildoers and used for immoral activities.

In addition, prohibiting or restricting encryption affects not only personal data, but also cryptocurrencies. The value and information exchange of many blockchain networks is anonymous.

Fundstrat's chief financial analyst Thomas Lee wrote on Twitter:

"If this bill is passed, it will have some negative effects on crypto and digital assets, because these assets are based on cryptography."

Since the Snowden incident, people have become increasingly resentful of the privacy monitoring of regulators. The basic idea of ​​cryptocurrency is to achieve decentralization through cryptography and distributed consensus.

However, the above proposal will strengthen the centralized control of personal data and information transmission.

In fact, cryptography has long been a part of people's lives. The Internet works without cryptography. When you visit every website, you need to use cryptography. The https on the address bar is cryptography. In order to ensure that you are connected to the correct website, ensure that your data provider cannot read the encrypted data you send, such as your bank information, and only the bank and you can see the relevant content.

So, how do you disable cryptography? This can be very difficult to achieve.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Exchange Rollover Records: A Article Seeing 64 Rollover Accidents Since 2018

Editor's Note: The original title was "Exchange Overturn" Source: Tokenin Users using a centralized ex...

Blockchain

Gu Yanxi: The Governance Mechanism of the Future Encrypted Digital Asset Trading Industry

More and more encrypted digital asset exchanges have emerged in the US market recently. In addition to existing encry...

Blockchain

Coinbase CEO: Almost every economic field is struggling, and Bitcoin is the currency people need at this moment

Editor's Note: This article has been deleted without changing the original intention of the author. Coinbase, a ...

Policy

FTX's Big Sell Grayscale and Bitwise Assets On the Market for $744M

FTX creditors have requested approval from an investment advisor for the sale of trust assets and related procedures.

Policy

FTX Hacker Strikes Again - This Time with Style!

The 72,000 ETH stolen from FTX last year has resurfaced for the first time since the hack, as transactions have emerg...

Market

Is CoinDesk selling at a loss with a valuation of $125 million after being in business for ten years?

On the occasion of its tenth anniversary and after being held by DCG Group for eight years, CoinDesk, the cryptocurre...