Industry CEO Believes Bitcoin’s Anonymity Dooms It, Predicts Governments Will Ban

domainking131

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In its short lifespan of 10 years, Bitcoin has seen many obituaries. The latest one is by SocGen CEO, Frederic Oudea, who feels that Bitcoin has no future because of its anonymity.

Governments will clamp down
Fredric Oudea believes that the future of Bitcoin and other virtual currencies is dim, primarily because he expects governments and regulators to clamp down on them. The reason he gives is the anonymity involved in these transactions, which might facilitate illegal activities ranging from money laundering to terrorist financing.

Speaking to CNBC at the Web Summit conference in Portugal, Fredric Oudea said:

The benefit so far is it provides anonymity to the people who are making the transactions. I can't see a future of this when I see the attention paid by all governments and regulators on anti-money laundering, on anti-tax evasion, on anti-terrorism financing. The anonymity of the transaction is a problem I think which would put pressure on Bitcoin.

Anonymity or pseudonymity?
While there are virtual currencies whose primary use case is privacy and processing anonymous transactions, Oudea may be off the mark when he calls Bitcoin transactions anonymous. Bitcoin addresses are pseudonymous, i.e. Bitcoin addresses are not directly linked to real world identities.

All Bitcoin transactions are recorded in the Blockchain and are publicly visible. While precautions may be taken by criminal to obfuscate the flow of transactions, Oudea has erred in calling Bitcoin transactions anonymous.


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