Detroit Startup Week 2019

Cryptos, in the current form, present a direct challenge to the sovereignty of governments, their ability to make policy, and their control of the financial system. Beyond the initial excitement for cryptos, in many parts of the world marketing, selling or trading cryptos is illegal and a criminal offence! Some explain this as genuine concerns for ensuring KYC, fighting money laundering or terrorist/criminal financing, as well as protecting against systemic risk. However, it is also possible to see that education and lack of knowledge play a big part in explaining this reactionary behavior, and that limited engagement by the proponents of cryptos with governments and regulators has not helped. We’ll discuss the likelihood of cryptos being adopted as a mainstream currency, and what would need to happen in order for that to be successful.