Anonymity is the Primary Cryptocurrency Drawback

February 21, 2018

The governors of major banks have been speaking ill of cryptocurrencies more often lately with the head of banking and financial holding HSBC John Flint among them. Flint has rated highly the blockchain technology yet criticized cryptocurrencies for their anonymity.

John Flint who is to assume office of the HSBC director on February 21 has expressed his view of cryptocurrencies and blockchain and their importance for banking in the interview to Bloomberg.

“The underlying technology, distributed ledger technology, has got lots of applications across our industry. But we remain very skeptical about cryptocurrencies that exist for reasons largely of anonymity”, Flint said.

According to him, banking systems operate basing on the principle of transparency so identities of all participants to the system must be accessible.

The heads of other banks like Credit Suisse or Societe Generale adhere to similar opinion when publicly voiced their skepticism about bitcoin and altcoins.

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