OECD Official Calls for Global Discussion on Crypto Industry Development

Mar 21, 2018 at 23:56

Greg Medcraft, director of the Directorate for Financial and Enterprise Affairs of the Organization for Economic Cooperation and Development (OECD) said that there is a need for an international discussion on cryptocurrencies as adoption of blockchain technology is expected to be more widespread.

In an interview with Brazilian news outlet Criptomoedas Fácil, he expressed that several issues in the crypto space must be resolved especially the lack of certainty on regulations that are in place for both token issuers and investors as well as risks of the technology to be abused for money laundering.

Likewise, Medcraft also highlighted the issue of crypto space’ market integrity as it is a usual target of hacking attacks as he reiterated the need to develop more applications for blockchain technology.

“I think that distributed ledger is the next revolution… If you’ll actually enable this intermediation in many parts of the value chain, which should result from my point of view in cheaper, faster, better products for consumers and investors. That transparency, I think that the peer-to-peer that is enabled through distributed ledger will help financial inclusion,” the official explained.

He also mentioned that the biggest beneficiaries of the said technology would be governments, financial service providers and global supply chains citing its potential to become a tool for improving voting systems as well as a secured exchange of value and data.

Despite his full support for the technology, he claimed that there is a need to allow law enforcement agencies to identify the flow of money through blockchain.

“With bitcoin, for example, you can trace at the moment IP addresses, you can trace computer to computer, but what you’ve got to do is trace form person to person, and that’s the missing point of the moment with Bitcoin. I can trace it to your computer, and I can’t actually trace it to you,” he explained.