Crypto Transaction Should Be Reversible & Users Should Be Unmask If Needed


U.S. Congressman Bill Foster said that judges should have powers to unmask bitcoin or crypto users and they have peer to reverse  transactions if needed.

In U.S. Congressman Bill Foster a discussion went behind the main basic feature elimination.

According to Foster, courts should have the ability to identify the user exactly if in any case needed ( regarding fraudulent cases or related to it).

And also they emphasised at the point of Cryptocurrency coding, they said that there should be an option of reversibility in the blockchain mechanism. 

If in any situation courts need to roll back the Blockchain transaction then that can be done.

This discussion of Us congressman Bill om Crypto ends up with the idea to make Cryptocurrency like a traditional financial system where transactions are reversible and users of banks have KYC verification with bank authorities.

This discussion was done on a virtual meeting which was organised on 29 June by Axios.

Foster, co-chair of Congressional Blockchain Caucus, said the judiciary should have all possible rights to expose about a particular transaction.

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Mainly he talked about the reversibility of the transaction. The main reason for this is to fix any type of human error that is usual in daily life. 

Traditionally in banking systems if we did a transaction by mistake then we can reverse the transaction by a simple application procedure with the help of bank authorities. But what will happen in case of Crypto transactions.

So if the Court will have power to unmask the user under particular circumstances then surely crypto can be accepted openly with less restriction.

Well here we can see that a recent tesnet Update revealed in the Ethereum project that it will give facility of reversal in single transaction by double sided approval. 

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