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What cryptocurrencies will do to the integrity of politics

Cryptocurrency. Image: Voytekpavlik

Cryptocurrency. Image: Voytekpavlik

 

Disclaimer: Views expressed in this commentary are those of the staff member. This commentary is independent of specific national or political interests. Views expressed do not necessarily represent the institutional position of International IDEA, its Board of Advisers or its Council of Member States.

Cryptocurrencies are increasingly becoming regular trading commodities. Until now they have largely remained a part of the global economy’s wild west and are still associated with organized criminal activities. But there are stark differences between them: some are designed to avoid tracking, while others are designed to be fully trackable. And there's everything in between.

As politicians seem ready to jump onto the cryptocurrency train, it is key to keep track of their usage in areas like campaign financing, state procurement and lobbying. They may have a profound effect on the integrity of politics, as happened in the past with the introduction of other technologies, like social media and big data analytics. How can regulations be tailored to avoid the risk of corruption linked to these currencies, and take full advantage of their transparency potential?

Read the full article published by the World Economic Forum.

About the Author

Senior Programme Officer
Catalina Uribe Burcher

Catalina Uribe Burcher is a Senior Programme Officer in the Political Participation and Representation Programme. Uribe Burcher focuses on money in politics, integrity and the threats that transnational illicit networks pose to democratic processes.