As countries look to launch their own cryptocurrencies, Morrison & Foerster’s Joshua Ashley Klayman cautions in the Global Capital article “Venezuela's petro cryptocurrency meets cold reception” that it’s imperative for governments to gain a thorough understanding of the technology in order to guard against criminal elements.
“There are many potential reasons why governments around the world may be interested in blockchain technology from humanitarian efforts, to cutting costs, to many others,” she said.
“But, aside from potentially realizing benefits from blockchain technology, if governments don’t invest the time and energy to understand blockchain technology and digital tokens, those governments may be hampered in their ability to deal with certain potential bad actors.”
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