UCL CBT Associates Discussion Papers
UCL CBT Discussion Papers
No. 1 – 11 July 2019
Cryptocurrencies offer an alternative to traditional methods of electronic value exchange, promis-ing anonymous, cash-like electronic transfers, but in practice they fall short for several key reasons.We consider the false choice between total surveillance, as represented by banking as currently im-plemented by institutions, and impenetrable lawlessness, as represented by privacy-enhancing cryp-tocurrencies as currently deployed. We identify a range of alternatives between those two extremes,and we consider two potential compromise approaches that offer both the auditability required forregulators and the anonymity required for users.