Humanist Manag J https://doi.org/10.1007/s41463-018-0038-x ESSAY Let Us Not Forget: Crypto Means Secret. Cryptocurrencies as Enabler of Unethical and Illegal Business and the Question of Regulation Peter Seele Received: 22 May 2018 /Accepted: 23 May 2018 # Springer International Publishing AG, part of Springer Nature 2018 Abstract In the following, I concentrate on the nefarious, harmful and unethical dimen- sions emerging only slowly as the rather new phenomenon of cryptocurrencies and blockchain at large become visible only gradually. For the positive and pro-social use of cryptocurrencies please refer to the article of Claus Dierksmeier in this issue of HMJ. As there are many different dimensions still unknown, I concentrate on the ethical issues emerging from the secretive nature of cryptocurrencies, less on the environmental carbon footprint or economic implications of volatility also discussed in the literature. Among the most critical issues are black market transactions of weapons used in terrorist attacks, drugs, or childpornography. Additionally, cryptocurrencies are more and more found in blackmailing people and as payment for ransom-ware and other computer viruses (Wannacry was a remarkable example). Money laundering also is on the rise via cryptocurrencies. I argue that the nefarious use of cryptocurrencies threatens the prosocial potential of
Humanistic Management Journal – Springer Journals
Published: May 30, 2018
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