Your own privacy: actually a basic right for everyone. In the financial context, however, there are compromises on the part of governments. Whether justified or not, money laundering laws (AML), know-your-customer regulations (KYC) or the increasing elimination of cash by digital alternatives restrict the right to private financial transactions.
“Bitcoin fixes this!”, advocates of digital freedom like to reply. But if you listen to voices like those of US Senator Elizabeth Warren, it quickly becomes clear: the pseudonymity of Bitcoin and other cryptos inevitably puts digital currencies on a collision course with state powers.
Especially where full privacy (i.e. anonymity) is guaranteed. The crypto mixer Tornado-Cash, which was able to conceal certain transactions on the Ethereum blockchain, was quickly declared a public enemy by the US Department of Justice along with its founder. Privacy coins like Monero or Z-Cash were recently banned from major crypto exchanges due to regulatory pressure.
The question therefore remains: Can blockchains be compliant in this regard without endangering the privacy of their users? The Layer 1 network Concordium wants the answer. BTC-ECHO spoke to its Product Manager, Sharan Konerira, about data sovereignty, privacy, transparency and the potential of his project.
About the self-sovereignty of data
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