Three US Congressmen Plan To Usher An AML Compliant and Controllable Bitcoin Version
The Bitcoin future might be at the receiving end of more regulations in United States. Three Congressmen are toiling hard to usher in end-to-end legislation to uphold the security perimeter of cryptocurrencies and protect the same against government interference. The Washington officials have not paid much need to cryptocurrency till now. However with the latest turn of event causing Bitcoin prices to skyrocket, and Ethereum operations surpassing market expectations and the nascent cryptocurrency Bitcoin Cash generating enough awareness it is high time for the Washington officials to take the cryptocurrency arena seriously.
As per reports published by the Daily Caller, Three Congressmen have joined hands to lend a cover of protection to certain specific cryptocurrencies without diverging much about which exact ones they shall be favouring over the others. Apparently they shall be inspecting the compliance level of Anti-Money Laundering Bitcoin. Given the look of things, this might very well pave the way for a brand new cryptocurrency much different from the original Bitcoin which is too controversial to work upon. Thus bringing in a new currency seems to be the most logical thing to do.
The cover of protection to be extended to digital currency forms meeting certain compliance level seems to be an appealing initiative. This will surely garner positive attention and bring cryptocurrency under the spotlight. However the method of bringing such change is kept under the wraps by officials as of now. In a nutshell, the Congress officials want digital currencies to receive similar treatment in line with American Dollar. For achieving the same new AML compliant cryptos need to be issued. This move don’t seem to be of much use to the available digital currency options plying the market.
Till date no events of money laundering using Bitcoin have been sighted in US. However the digital currency preference of black marketers can’t be totally ignored. One of the basic features of Bitcoin is its anonymity. However the Congressmen want to bring forward a new digital currency version which can be controlled by a central authority. A value backed compliant cryptocurrency can also bring in tax protection however its extent of acceptance amongst cryptocurrency aficionados is a highly questionable matter.