Gintautas Scerbavicius, CTO at HODL Finance

Tone has worked on Wall Street for almost 10 years starting as a Risk Analyst at Bear Stearns and later becoming a VP at JP Morgan Chase. Ever since getting involved in the cryptocurrency ecosystem in early 2013, Tone has been active in spreading the importance of this technology as it helps promote economic freedom. Tone is now an independent content creator at ToneVays.com and on his YouTube Channel focused on sound economics & finance.

Reports and rumors have been circulating for months that the social media giant Facebook is seeking to release its cryptocurrency. If the journalists and their sources are not mistaken, Facebook will introduce a stablecoin allowing the users to send money instantly at WhatsApp sometime later this year. Facebook acquired the messaging platform for $19 billion in 2014 and remains its largest shareholder.

There are almost unlimited potential uses of cryptocurrencies: fat protocols, incentivized collective action, work sharing. Anything people now give away for free - open source code, blogs, videos - could benefit from the right currency enhancement.

The greatest difference between traditional and crypto AML is technological. Unlike the traditional financial sector, compliance officers can track almost the whole history of cryptocurrency movement. In this respect, blockchain is an important source of data for a compliance officer that the traditional financial sector fails to deliver.