
In the past decade, the global popularity of cryptocurrencies has soared. But this growing enthusiasm has highlighted the significant ethical problems with crypto.
One of the defining features of cryptocurrency is that it allows financial transactions to remain anonymous. But this makes crypto a natural tool for all kinds of illegal activities—money laundering, evading economic sanctions that prohibit funds from going to certain countries, such as Russia, and even financing militant groups or terrorist activities. It’s wrong to allow these kinds of activities to flourish.
Most cryptocurrencies are highly volatile, with their values swinging wildly due to speculation. Because there’s no central authority overseeing crypto, there’s very little trust in its reliability. The speculative nature of the crypto market has fostered addiction problems, especially among young people. And the lack of regulation also means crypto investors have no recourse or protection.