Crypto dystopia might, as claimed by Vitalik Buterin, the founder of Ethereum. He claimed that if the blockchain space is implemented incorrectly, there could be various issues.
As of the moment, the cryptocurrency market’s value is still rising as more people invest in Ethereum and other popular digital coin brands.
However, the blockchain industry is still unstable, given that governments across the globe do not regulate it. Now, Buterin said that some trends could further affect the dystopia potential of the rising crypto space.
According to CNBC‘s latest report, Buterin said that one of the crypto trends he is worried about is the sudden rise of NFTs (Non-Fungible Tokens).
Also Read: Australia Gives Green Light to Crypto Exchange Approval Through a Verification Badge
Right now, the NFT market is seeing more investors and digital artists. Many of the popular digital artworks already generated millions of dollars after they were sold from one buyer to another.
But, Buterin is worried about this since he believes that NFTs can prevent Ethereum and other cryptocurrencies from reaching their full potential.
“If we don’t exercise our voice, the only things that get built are the things that are immediately profitable. And those are often far from what’s actually the best for the world,” said Vitalik via The Time Magazine.
Although this is the case, the ETH founder clarified that Ethereum is being used for important projects like urban planning, voting systems, universal basic income, public-works projects, and other programs.
Aside from the NFT trend, Buterin also said that the anonymity of cryptocurrencies could be used for illegal activities.
These include evading taxes. Right now, cryptocurrencies are not really under the taxes implemented by government officials since they are still unregulated.
Because of this, many individuals use these digital coins to earn as much money as possible without settling their taxes.
Aside from taxes, sanctions can also be evaded using cryptocurrencies. The U.S. government has already seen this in the ongoing Russia-Ukraine conflict.
If you want to see more details about Vitalik’s concerns regarding the crypto space, you can visit this link.
In other news, Prince Philip of Serbia praised the current top cryptocurrency, which is Bitcoin. Meanwhile, Australia’s crypto regulation movement will soon create a new infrastructure for safer and easier blockchain investment and transactions.
For more news updates about cryptocurrency and other related business tech topics, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
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