Implications for DRK?
NY State Virtual Currency Regulations.
I get paid fiat to give a view on stuff like this, and this is my view on stuff like this for free.
Requiring data, including identifiable data, to be made available to the general public, e.g. on a block chain, is not to be constrained by regulations.
Data about transactions is required. The parties involved in a transaction using the services of regulated businesses or those deemed to require regulations, i.e. they are acting illegally if they do not register, are required to obtain details about transactions. But those details need not be made public.
Dat right there is privacy that encompasses Darkcoin. No identifiable information on the block chain, yet parties to transactions are still required to identify themselves if going through businesses.
Some T&Cs businesses have to tell customers:
If you execute a transaction, you may not see the money again. Transactions can be irreversible. I.e. if you use eCash, you can't get your money back, caveat emptor.
DRK is not going to be bound by regulations. Those businesses that use DRK just have to comply with kYC, know your customer, rules. Just as they do today.
http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf
To da moon
I get paid fiat to give a view on stuff like this, and this is my view on stuff like this for free.
Quote
No Licensee shall engage in, facilitate, or knowingly allow the transfer or transmission of Virtual Currency when such action will obfuscate the identity of an individual customer or counterparty. Nothing in this Section, however, shall be construed to require a Licensee to make available to the general public the fact or nature of the movement of Virtual Currency by individual customers or counterparties.
p.26Requiring data, including identifiable data, to be made available to the general public, e.g. on a block chain, is not to be constrained by regulations.
Data about transactions is required. The parties involved in a transaction using the services of regulated businesses or those deemed to require regulations, i.e. they are acting illegally if they do not register, are required to obtain details about transactions. But those details need not be made public.
Dat right there is privacy that encompasses Darkcoin. No identifiable information on the block chain, yet parties to transactions are still required to identify themselves if going through businesses.
Some T&Cs businesses have to tell customers:
Quote
transactions in Virtual Currency are generally irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable;
p.35If you execute a transaction, you may not see the money again. Transactions can be irreversible. I.e. if you use eCash, you can't get your money back, caveat emptor.
DRK is not going to be bound by regulations. Those businesses that use DRK just have to comply with kYC, know your customer, rules. Just as they do today.
http://www.dfs.ny.gov/about/press2014/pr1407171-vc.pdf
To da moon
