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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: 

                           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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