UBS Chairman Weber Says He's 'Skeptical' on Cryptocurrencies

The video discusses the potential and challenges of blockchain and cryptocurrency. While blockchain technology is praised for its ability to facilitate instantaneous transactions, there is skepticism about the anonymity of cryptocurrencies. Governments are likely to regulate anonymous digital transactions, similar to how they phased out large denomination banknotes. For blockchain and crypto to thrive, they must incorporate KYC and AML procedures to prevent illegal activities.

What historical context does the speaker provide regarding large denomination banknotes?

In what ways does the speaker appreciate the technology behind blockchain?