Giant Meteor Headed for Crypto

Tomorrow the FATF releases new rules for exchanges around KYC and AML.

This could be a heavy burden on Crypto. From this article:

Bloomberg reports that the FATF rules are expected to require firms ranging from major spot exchanges such as Coinbase to asset managers like Fidelity Investments to gather data on all clients initiating transactions worth over $1,000 or 1,000 euros.

Big Brother wants to know everything. If they can’t just get the data directly off Google and FB’s servers then they will enact new laws. Even when your money is yours it’s only by the grace of the US Federal Government. ‘Murica!

Sarcasm aside, this will send many exchanges and coins running for cover. However, keeping to the theme of Honest Money BSV actually complies with these rules (as far as we know). BSV is publicly verifiable but also private, but not anonymous. I can’t look at your balance but you could disclose it to me and I can confirm it.

Imagine governments run on honest hard money. I don’t think the US fears Bitcoin as a new digital currency as much as they fear this may mean that their books and budgets would be transparent and easily audited. No more overruns, lost trillions or bribes. Honest money is honest government. 

About coinspeak

20 years as an IT consultant. Escaped the rat race in 2015. Addicted to travel and tacos.

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