Financial services must harness blockchain to balance digital security with privacy


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The US Department of the Treasury’s Office of Foreign Assets Control recently sanctioned a technology called Tornado Cash , on the grounds that it “has been used to launder more than US$7 billion worth of virtual currency since its creation in 2019”. Such enforcement measures are nothing new . But what makes this case unique is that Tornado Cash is a piece of open-source software. Essentially an automated tool, Tornado Cash mixes digital assets and redistributes them to preserve privacy. While we don’t know everything about Tornado Cash or why it was created, we do know that large sums of...