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16 Loy. U. Chi. Int'l L. Rev. 129 (2020)
The Future of Cryptocurrency: An Unregulated Instrument in an Increasingly Regulated Global Economy

handle is hein.journals/intnlwrv16 and id is 137 raw text is: THE FUTURE OF CRYPTOCURRENCY: AN UNREGULATED INSTRUMENT IN AN INCREASINGLY REGULATED GLOBAL ECONOMY D. Towne Morton I. Introduction a. Scope Resulting from their dynamic rise of their value and international popularity, cryptocurrencies have unavoidably come under amplified scrutiny and increased pressure from global regimes and a plethora of regulatory bodies. International organizations and governing bodies have taken quite drastic and differing ap- proaches to cryptocurrencies. With questions of jurisdiction and fraud, these enti- ties must ask if multinational policies are beneficial to world markets while trying to carefully balance issues of national capitol control and the perceived downsides to cryptocurrency such as: money laundering and as a mechanism to fund terrorism. This article seeks to address the enigmatic cybersecurity of cryptocurrencies with inconsistent international regulation to this new international phenomenon regarding scams, anti-money laundering, and combating the financing of terror- ism. However, with international regulations already in place, like the European Union (EU) General Data Protection Regulation (GDPR)', blockchain tech- nology must conform their anonymity and adhere to data security regulations or will they become a rogue instrument in our global economy and further used as a tool of fraud and terrorism. With global markets and national security in jeopardy, countries and interna- tional actors must come together to form a uniformed virtual currency framework with regulatory bodies enforcing sanctions and bringing forth criminal charges to enhance cybersecurity and combat illicit activities. H. Background on Cryptocurrencies and Blockchain Technology a. Structure of the Cryptocurrency Process Blockchain and cryptocurrency are two of many bywords used within this growing sector. Internationally, many countries are familiar with the term Bitcoin. Bitcoin is the cryptocurrency that relies on blockchain technology. Cryptocurrency offers a peer-to-peer payment option that allows users to securely send or receive electronic payment. Cryptocurrency is a decentralized digital cur- l EU General Data Protection Regulation (GDPR): Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation), OJ 2016 L 119/1 Volume 16, Issue I Loyola University Chicago International Law Review 129

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