The Global Blockchain Regulatory Environment Is In Serious Jeopardy

A series of famous blockchain-related events have highlighted concerns about governments' abilities to control these emerging technology. In April 2019, Vitalik Buterin, who has become one of the most significant individuals in blockchain and bitcoin technology, released a blog post titled The Final Countdown. In it, he outlined how he felt that the world was on the cusp of a technological singularity – an event when artificial intelligence (AI) would transcend human intellect and become self-aware. He cautioned that this may lead to destroying implications for mankind.

In May 2019, two large banks were compromised by hackers who targeted their systems with malware that exploited cryptocurrency as payment methods. The hacks showed how susceptible banks are to cyberattacks and hackers who might possibly exploit holes in their systems by employing bitcoins as payment channels. The incident was identical to one that took place at JPMorgan Chase & Co's (JPM) London branch in January 2018 when intruders stole $81 million number of XRP tokens from one of its wallets at Ripple's