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On the 8th of August Tornado Cash was penalized. The penalty came because it was believed that North Korea has been making use of it to disguise their crypto loot. Tornado Cash showed up on the SDN list, which means Specially Designated National and Blocked Persons. Furthermore, the purpose of this list is to stop money laundering and also block the financing of terrorism.
This list usually deals with weapon proliferation, terrorism, and trafficking. However, the recent inclusion of Tornado Cash on this list sets a different tone. Eventually, this is pointing to a very important question in this electronic age, which is the right of an average individual to secrecy.
It should be noted that this isn’t the first time crypto appeared on the SDN’s list. Bitcoin addresses were once listed on this list. Specifically, the difference between this event and that of Tornado’s is that Bitcoin addresses were listed to get at individual that owns these addresses. Essentially this was done to target particular individuals not an entire Tech.
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As Categorized By Coincenter
For the first time, the government is handling a smart contract as a whole entity. And, this is an unexpected move by them, and it could become more interesting from this point on. Subsequently, this is bringing up more questions concerning the future of financial secrecy. People have their reasons for wanting secrecy from a credible unbiased tool for all the right purposes. And, one will even want secrecy if he or she believes that crypto will be permanently around and on its way to being publicly accepted.
However, this is a narrow path on which both users and controllers will have to walk on. Except if controllers go for the nuclear choice of constructing the world’s number billion – leaves blacklist. Or maybe these recent actions are indicating a much larger developing play: a CBDC.
It’s Getting Started
Talks have been held concerning why this can be regarded as the beginning of more crypto sanctions. However, cryptocurrencies that will scale through these times will become the big victors. This action by the Treasury will be a big sample. Currently, individuals in the United States cannot have any form interaction with the sanctioned Tornado Cash. Also, if one is caught violating this sanction, such a person could be imprisoned for 30 years.
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