[2017-11-20] U.S. CONGRESS WILL REGULATE BITCOIN - page 2.

odolvlobo

legendary

Activity: 4466

Merit: 3391

Articles like this are so biased.

According to Bloomberg:

Quote

Banks globally have paid $321 billion in fines since 2008 for an abundance of regulatory failings from money laundering to market manipulation and terrorist financing, according to data from Boston Consulting Group.

Where is the outrage? AML Bitcoin is a joke.

digaran

copper member

Activity: 1330

Merit: 899

🖤😏

My body is ready for this, lets do this, if this is another fork of Bitcoin just let me get ready for begging. what do you call an ocean without water? that is what we call Bitcoin without AML, IG(I= injumpable, G= girls).

BTC064

newbie

Activity: 12

Merit: 0

The Daily Caller reported over the weekend about “sources on the Hill told the D.C. said various members of Congress are looking at the compliant capabilities of AML Bitcoin, which is a compliant digital currency. Bitcoin is the most famous digital currency, or crypto-currency, and has skyrocket in value over the past few weeks.” A digital currency that is compliant with anti-money laundering laws would bring the digital currency for services and product transactions into the mainstream of American life.

The report indicates that this new AML Bitcoin currency would be compliant with various regulations and laws that prevent money laundering. The first would be something called “Know Your Customer (KYC) regulations and laws that guide a business into verifying the identity of clients. These regulations are tough to follow and costly, therefore there are many companies set up to help with compliance in these complicated regulatory matters. The cost of non-compliance is high and if a bank, or digital currency, is found to be in non-compliance they can face massive fines. And the problem is rampant in the financial sector.

On January 5, 2014, in a blog post on Thomson Reuters they reported that the KYC regulations are important on a global scale to protect against not only money laundering, but also identity theft and the financing of international terrorism. “According to the International Monetary Fund, incidents involving money laundering, compliance violations of KYC regulations, and other breaches are estimated to cost between two and five percent of the world’s gross domestic product.” The report cited a laundry list of regulation including anti-money laundering (AML), anti-bribery (ABC), tax transparency like FATCA, the Dodd-Frank law passed in the wake of the Wall Street meltdown in 2008, Markets in Financial Instruments Directive (MiFID) and European Market Infrastructure Regulations (EMIR). This alphabet soup of laws and regulations are difficult to comply with, yet the AML Bitcoin initiative will implement tough standards to stop the illegal use of these digital currencies as best as they can.

AML compliance is tough, yet beneficial to bring digital currencies out of the shadows. The idea of AML Bitcoin is brilliant. It has been tried on a smaller scale, but the Daily Caller report indicates that this is a serious effort where the creators of the coin are seeking Congress to pass legislation to protect from harassment from the Department of Treasury. The fact that they have got the attention of several members of Congress also shows that this effort is very likely to be successful.

The problems with digital currencies, also known as cryptocurrencies, has been well documented. Bitcoin has been used in human trafficking according to the New York Post. Bitcoin has been used to finance terrorism according to the Wall Street Journal. Fortune reported last month that a Russian based bitcoin site BTC-e was fined $110 million for money laundering. Although there have been numerous reports of the illicit use of digital currencies, they are booming right now and are viewed as the future preferred method to transfer value.

https://townhall.com/columnists/stevesherman/2017/08/23/aml-bitcoin-is-the-future-of-digital-currency-n2372303

www.amlbitcoin.com

www.amltoken.com

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