People’s Bank of China Has Filed 84 Digital Payment Patents For CBDC’s: Report

According to the Chamber of Digital Commerce, China has filed 84 patents for the digital yuan, its new upcoming digital currency.

The patents date to 2017 and are credited to the People’s Bank of China’s (PBoC) Digital Currency Institute. They were filed to the Chinese Patent Office (SIPO) and indicate some important aspects like the one where the Chinese government is able to alter the currencies supply after some specific events like interest rates going up, or the one of integration with traditional bank accounts while the connection with digital currency chips cars or digital wallets is still possible.

The Chinese Government Will Track Down Transactions

The patent applications are related to the integration of the digital currency in the already existing banking infrastructure. This is what Mark Kaufman, the patent attorneys for Rimon Law and a former employee of the Chamber of Digital Commerce said about them:

“Virtually all of these patent applications relate to integrating a system of digital currency into the existing banking infrastructure.”

Meanwhile, the Chamber’s president, Perianne Boring, mentioned how a mechanism that’s able to stop the tracking of transaction by the Chinese government doesn’t exist yet.

Will Other Governments Take China’s Example?

In November 2019, Mu Changchun, the head of PBoC’s Digital Currency Institute, spoke at a Singapore conference and said:

“We are not seeking full control of the information of the general public.”

The newly filed patents come only to prove that the Chinese government is committed to issue a digital currency, which may convince other governments to take action in the same direction. For example, the Japanese government recently talked about China’s digital yuan and Facebook’s Libra, saying these should be combated with a digital currency released by Japan. Norihiro Nakayama, the foreign affairs parliamentary vice-president of Japan said,

“China is moving toward issuing digital yuan, so we’d like to propose measures to counter such attempts.”

Will the US Release Its Own Digital Currency?

There have been signs that the US may be considering issuing its own digital currency too, as Jerome Powell, the Federal Reserve Chairman, said on Tuesday that this matter needs to have an answer and that:

“We’re working hard on it.”

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Author: Oana Ularu

Finco Services Sues Facebook and Calibra For Libra Logo Trademark Infringement

The problems that Facebook has related to its upcoming Libra stablecoin simply do not stop. Finco Services of Delaware has filed a lawsuit against the popular social media company and it’s subsidiary Calibra in New York, related to the logo of the Libra project.

According to the reports, Facebook is being sued for reusing a design that already belonged to another party. Finco Services affirms that Facebook infringed trademark rules, and has engaged in unfair competition and used the logo illegally.

Basically, in 2016 a company called Character SF was hired by Finco Services to design a logo for a brand. The logo that was designed was basically the same one that is being used by Libra right now.

While it is unclear why Facebook is using the same logo as the company, Finco affirms that it’s logo is registered with the U. S. Patent and Trademark Office and that it can prove that it had the logo way before Facebook ever thought about creating it’s crypto asset.

As soon as the people at Finco discovered that the logo was nearly identical, they contacted Calibra, which simply ignored them. Now, they are trying to convince the court that their logo was copied.

The case could go either way as the two logos are very similar, but not necessarily identical. Because of this, it is still way too early to speculate on which company is going to win in court. The only certainty is that Facebook is having a lot of problems recently.

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Author: Silvia A

Ethereum To Activate Its System-Wide Upgrade Testnet Instanbul In October

The launch of Instanbul’s testnet, known as the upcoming hard fork created by the Ethereum blockchain, is set for October. According to Hudson Jameson, the community manager at the Ethereum Foundation, the block that was picked for the launch will be mined around October 2.

However, he noted that it would not be surprising if the team was one day behind or ahead of the official schedule when the actual launch happens. Originally, the launch would happen on September 4, but it had to be pushed forward around a month because several changes still had to be audited.

A total fo 30 Ethereum Improvement Proposals (EIPs) were considered for the launch, but only six of them were approved. Eight other EIPs will be implemented in Berlin, the hard fork that will happen next year.

According to the Ethereum Foundation, the delay in the testnet will also affect the launch of Instanbul’s mainnet, which will be released only in November now. No block height was specified, though, as the developers don’t want to commit to a date, only to have to change it later, like they recently did with the testnet.

At the moment, the only problem in the way of the release are the audits. Developers are meeting with security firms in order to test the codes to make sure that no problems will happen after the launch and there are no exploits available for people with ill intent.

The most important change will only happen in the next hard fork, though. The ProgPoW update, which will block ASIC miners from operating in the network, is still being audited to be launched during the Berlin update.

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Author: Gabriel Machado

Bitcoin and Cryptocurrency Enthusiasts Set To Take Burning Man Festival By Storm

Crypto worshippers are looking forward for the upcoming Burning Man festival in the Nevada desert. The festival has turned out to be a vital ground for various crypto related activities. After all, the Burning Man festival and crypto ethos have something in common, they operate on openness and seek to explore new governance models that has fewer rules.

According to CoinDesk, these days it is easy to sport crypto enthusiasts sticking together in different packs with well formed group camps such as Camp Decentral, CampDAO or Node Republic, which provide various blockchain seminars and talks as a composite of the festival’s offerings.

Speaking to CoinDesk, crypto investor Jeremy Gardner revealed that he has so far attended four Burning Man festivals where he has offered talks on blockchain technology at different camps.

According to Gardner, the Burning Man festival is a common ground to talk about various concepts shaping the society. The crypto entrepreneur says that he has developed deeper relations with individuals in the crypto space as the festival has turned out to be a superb bonding experience.

Gardner says that the crypto market slows down during the festival as crypto-based enterprises hold on major announcement waiting until the crypto enthusiasts attending the festival return home.

Bear Kittay who has worked as the festival organizer for years says that the Burning Man is mostly dominated by individuals working in the tech industry and, as such, has become a major meeting ground for crypto enthusiasts. Kittay is himself a holder of bitcoin and ethereum, plus an investor in the EOS startup Block.One.

The author of From Bitcoin to Burning Man and Beyond John Clippinger says that there are different similarities between the festival and the decentralization movement. He opines that the idea of converging different blockchain and crypto enthusiasts in the festival lies on the self-organizing and autonomous groups which is the exact goal of crypto worshippers.

It is expected that this year’s festival will not be different from the previous ones as crypto enthusiasts converge to share ideas.

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Author: Joseph Kibe

Samsung Finally Announces Integration of Bitcoin (BTC) Into its Blockchain Smartphone

Samsung has officially announced its integration of Bitcoin into its upcoming and series of blockchain-enabled smartphones. This news comes in the wake of the company’s partnerships with a range of blockchain-enabled or specialist companies like Enjin.

This move also comes in the months after the launch of the Samsung Galaxy S10 series back in mid-March 2019. Along with this broader announcement, the team also introduced its community to its bespoke ‘Blockchain Keystore’ which offers its users broader access to cryptocurrency storage and payment solution for Ethereum and related ERC-20 Tokens.

Even though this includes a wide range of dApps that leverage Ethereum, Samsung actually had an unspoken exclusion of the number one cryptocurrency in terms of market cap.

The company that is otherwise known as one of the tech giants operating within South Korea has since announced that it will be including Bitcoin related features to its developer kit (SDK) for a wider array of S10 models (S10e, S10, S10+ as well as the S10 5G) including its Note10 and Note10+ models.

The Samsung-based SDK solution actually allows those on Android Devices to link their dedicated blockchain addresses to Samsung’s blockchain Keystore. From there, users will be able to sign cryptocurrency transaction as well as check their Keystore status.

Some of the blockchain features on these phones remain geographically exclusive to certain areas. For the moment, these consist of the following: Canada, Germany, South Korea, Spain, Switzerland, the U.S., and the U.K.

Some of the newest additions to the SDK also include support for other native cryptocurrencies such as Klay, from the Klaytn network, which was recently launched by the Korean-based messaging solution – Kakao.

During the latter part of last week, Kakao’s blockchain subsidiary, known as GroundX has since teased at the launch of its upcoming wallet for Klay referred to as Klip, and has also announced the introduction of its very first decentralized dApp partners.

Samsung now officially lists 17 dApps within its digital Keystore and is actually in the process of developing its own, which is based on top of Ethereum. It has been alluded to that it may be working to release its own token, according to reports from the firm.

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Author: James Fox

KPGM is All Set to Work With R3, Microsoft and TOMIA on a Niche’ Blockchain Telecom Solution

KPGM-is-All-Set-to-Work-With-R3-Microsoft-and-TOMIA-on-a-Niche-Blockchain-Telecom-Solution
  • KPGMs upcoming blockchain platform will make use of smart contract technology to streamline many complex monetary processes associated with the telecom industry.
  • It is expected that 5G network providers will be able to make use of the above stated digital solution to make their internal processes hassle free.

According to an all new press release issued by the folks over at KPGM, the business advisory firm has entered into an agreement with a number of major tech companies such as Microsoft, Tomia and R3 in order to devise a blockchain-based settlements solution for the global telecom industry.

As per the above linked report, the envisioned blockchain platform will make use of smart contracts so as to help reduce the number of disputes that normally take place between carriers and mobile operators on a near day-to-day basis. Not only that, according to KPGMs core dev team, the new system will also make settlements faster and cheaper for network providers (by completely eliminating the need of any middlemen.)

At press time, most cross-border and cross-carrier settlements are processed using complicated mathematical algorithms that are not only complicated to administer but also quite time consuming.

Data available online seems to suggest that carrier settlements can sometimes take weeks to resolve.

The cost of outsourcing settlements can often lead to customers incurring additional processing charges. In this regard, it should be pointed out that by the end of 2022, experts believe that the peripheral fees associated with international mobile data roaming charges will scale up to a whopping $31 billion.

It is also being said that with the advent of 5G, carrier settlement processes will become even more complex than they are right now.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Shiraz J

Colorado Data Center To Add 50 MegaWatts of Energy, Irked Critics Say It Would Hamper Renewable Goals

Colorado-based-Data-Center-To-Add-50-MegaWatts-of-Energy-Irked-Critics-Say-It-Would-Hamper-Renewable-Goals

A South-colorado based upcoming cryptocurrency data center estimated to be worth $100 million has decided to add 50 megawatts of new load for its energy consumption. The news has not gone down well with the clean-energy advocates who believe the decision might hamper the state and local renewable goals further from the reach.

Critics belive the upcoming data center won’t be the first of the kind to benefit from the new state economic development law. They fear that the new state policy would attract several data center operators to the state which would surely have a great impact on the state’s electricity consumption. They believe the state government should focus on curbing such commercial energy use instead of providing incentives for the sake of economic development.

The upcoming data center will be based out in Pueblo and it would be supplied with the demanded 50 megawatts of energy by the Black Hills Energy cooperation. Critics fear that the promised lease of energy might lead to several issues if the Black Hills Energy cannot match the expected demand through its renewable resources.

Pueblo’s Energy Future group wants to form a municipal utility to reach the city’s 100% renewable goal belive that the upcoming data center might wipe out all the renewable gains made by the city in the past. One of the members of the Energy future group David Cockrell said,

“Fifty more megawatts of this largely coal-fired power will essentially wipe out the gains in the renewable generation they boast from their new Busch Ranch II wind farm”

The south-Colorado city of Pueblo is best known for its steel mills and does not boast of a booming economy. The city paints quite a contrasting picture to its neighboring cities like Colorado Springs which are doing much better in terms of the economy due to their knowledge-based state policies. Pueblo currently has high poverty rates and low housing prices. The Pueblo City Council in 2017 set a goal of achieving 100% renewable energy consumption by 2035. The move seemed quite novel and everyone got on-board to achieve it, where Pueblo County commissioners passed a resolution of their own.

Only a few months later after committing to achieving 100% renewable energy use, the then governor John Hickenlooper signed a new state law to test the commitment of the citizens towards that goal. The law allows regulated electric utilities to provide discounted rates to large scale businesses for 10 years. The law is being seen as a move to help stimulate further economic development in Colorado.

Black Hill Energy Becomes First Utility To Get Approval For Discounted Rates

Black Hill Energy which is based out in South-Dakota and serves Pueblo energy needs became the first utility to seek permission from the city council to avail its services at a discounted rate. The firm applied for the approval in January right after the law came into the effect and proposed to sell 50 megawatts of discounted energy to an unknown company. The utility firm assured the city council that the move will deliver $25 million to $40 million worth of community economic benefits in the first five years.

50 megawatts of energy is quite a substantial amount given it accounts for one-tenth of the Black Hill Energy’s peak load. Although the law does not require the utility provider to state the source of their energy procurement, but Black Hill Energy stated that it will buy the required amount from the wholesale energy markets.

There were months of debate over the identity and qualification of the firm to which Black Hill has decided to sell the discounted energy to, which was later revealed to be AX2 Data Center. The Colorado Public Utilities Commission voted 2-1 in favor of allowing Black Hill Energy to provide discounted energy to the said data center.

The critics were mostly irked because of the fact that the council did not impose any renewable requirements to the Black Hill mainly because they believed that the delay in approval might put the economic benefits at risk.

However, the Colorado state law requires Black Hill to manage 30% of its energy from renewable resources by 2020. The company is quite confident in meeting those requirements mainly due to the 60-megawatt Busch Ranch II wind farm which will be completed this fall.

Western Resource Advocates, an environmental advocacy group filled with the utility commission opposed the approval since there is a lack of assurance from the data center operators over the source of electricity. The group demanded the data center to directly tethered to renewable sources.

Gwen Farnsworth, one of the senior energy policy advisor for the environmental advocacy group wrote,

“In order to avoid backsliding from valuable gains on emissions reductions in the transition to clean energy resources, incremental load growth should be served by renewable generation.”

The dissenting commissioner Frances Koncilja shared similar concerns and said that the agreement completely ignores the renewable energy goals set by the commission. Koncilja went onto to accuse her colleagues of making political decisions than the regulatory ones.

A few others came out in support for the economic growth from the current controversial project and stated that the data center won’t be a threat to the city’s renewable goals as most of the electricity produced in the region comes from renewable resources. One of these supporters who are in favor of the current data center includes the current mayor of the city Nick Gradisar. He said,

“I do not think the company’s presence or its energy needs will dramatically impact our vision for renewable energy. I personally believe that the cheapest energy will be from renewables in the very near future.”

One of the officials for the upcoming data center stated that the project would be completed by the end of 2019 and it can be made partially operational by September.

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Author: Bitcoin Exchange Guide News Team

Pocket Change Millionaire Summit Review: Cannabis Investment Strategy?

Pocket Change Millionaire Summit Review: Cannabis Investment Strategy?

Pocket Change Millionaire Summit is an upcoming event hosted by Teeka Tiwari where he promises to “reveal my most powerful wealth-building secret.”

On June 26, 2019 at 8pm ET, investor Teeka Tiwari will share his wisdom with the world. Tiwari will explain how he claims to have turned a $1,000 investment into $1.6 million, for example. The event will take place in Delray Beach, Florida. However, there may be a webinar or video of the event as well.

Pocket Change Millionaire Summit is currently being promoted online through TeekaPocketChangeMillionaire.com. That website features a video explaining how the summit will work, when the summit will take place, and other information.

The video begins by thanking you for signing that non-disclosure agreement – although there’s no actual non-disclosure agreement anyone can sign. It’s just a clever ploy to get you to think you’re about to discover private information.

Pocket Change Millionaire Summit will revolve entirely around CBD and cannabis stocks: Tiwari will explain five small-cap stocks that could explode with growth in the coming years as cannabidiol goes mainstream. Tiwari claims investors can make gains of “3,700X” by following his investment advice.

The website also features a handful of pages that will be unlocked in the days leading up to the summit, including an interview with Mike Gorenstein (unlocked on June 21), a video explaining Teeka’s “Colombia CBD Expedition” (unlocked on June 22), Teeka’s Canada CBD Rally (unlocked on June 23), and William’s California CBD Investigation (unlocked on June 24). There will also be a “special announcement” the day before the summit, on June 25.

To receive updates on the Pocket Change Millionaire Summit, all you need to do is enter your phone number. After entering your phone number, you will receive updates on the summit and an invite link.

Who is Teeka Tiwari?

Teeka Tiwari is an editor at Palm Beach Research Group, a Florida-based financial analysis organization that focuses more on “alternative” financial reporting instead of traditional reporting.

Tiwari is involved with multiple Palm Beach Research Group products, including the company’s small cap and cryptocurrency advisory service. Tiwari also publishes the quarterly crypto income services and other publications. With most Palm Beach Research Group publications, Tiwari is listed as an editor or co-editor.

Prior to working for Palm Beach Research Group, Tiwari was a hedge fund manager and a Wall Street executive. He was the youngest employee at Lehman Brothers, working for the company at just 18 years old.

Tiwari has also appeared regularly on Fox, CNBC, ABC, The Daily Show with John Stewart, and other major media outlets. Over the last year, Tiwari has been particularly focused on cryptocurrency.

In more recent months, however, Tiwari has moved towards cannabidiol (CBD) investing. The Pocket Change Millionaire Summit is focused specifically on CBD investing.

What is the Pocket Change Millionaire Summit?

The Pocket Change Millionaire Summit is an upcoming investment summit that will take place on June 26, 2019 at 8pm ET.

Tiwari claims he’s “waited 30 years” to reveal his “most powerful wealth-building secret.” He will reveal that secret during the summit.

It appears the event is free to attend in-person or through a webinar. There’s an event listing on EventBrite here where you can register for free: https://www.eventbrite.com/e/pocket-change-millionaire-summit-with-teeka-tiwari-tickets-63408797420

The event will take place at 455 NE 5th Avenue in Delray Beach, Florida.

Pocket Change Millionaire Summit Pricing

As far as we can tell, the Pocket Change Millionaire Summit is free to attend. All you need to do is type your phone number into the online form at TeekaPocketChangeMillionaire.com.

After typing in your number, you will receive text message updates and calls about the event from (561) 270-6908 or 384-70. These text messages and calls are free (aside from normal messaging and data rates charged by your carrier).

We assume that the purpose of the summit is to convince you to sign up for other Palm Beach Research Group products. The company sells financial advice and investment analysis newsletters ranging from $60 per year to $2500 per year.

What Will You Learn from the Pocket Change Millionaire Summit?

The point of the Pocket Change Millionaire Summit is to convince you that you can get rich quick by investing in legal cannabis companies. Here’s how Teeka explains the event:

“I’ve found a way to make life-changing gains by getting in on the ground floor of this lucrative, legal cannabis market. Now, I can’t reveal too much about it since it’s a limited venture. But it’s a “sweetheart” deal in a market previously reserved for the wealthy. And I’ve uncovered a loophole allowing ordinary investors access.”

Tiwari claims he has “tracked the entire CBD value chain” over the past three months, meeting with billionaires in Canada, taking “a private jet to visit farms in Colombia”, and visiting “small labs unlocking CBD…the cannabis miracle molecule.”

After all of this research, Tiwari believes he has found the companies that will benefit most from the explosive growth of CBD.

As you may have heard, various analysts are projecting the CBD market to grow to $22 billion by 2022. Tiwari claims by investing in the stocks he has chosen, you can get a powerful slice of this market.

“It’s an incredible opportunity for early investors,” explains Tiwari in a promo for Pocket Change Millionaire Summit.

Tiwari goes on to explain that investors can expect to make gains of “370X…even 3,700X” Later, the page explains that Tiwari’s investment advice has helped investors make gains of “1,620%…2,623%…and 8,897%.”

All you have to do is follow Tiwari’s investment advice and you can make similar gains – at least, that’s how the Pocket Change Millionaire Summit is being marketed.

Final Word

Teeka Tiwari is an experienced investor who has recently focused specifically on cannabis stocks and cryptocurrencies.

Tiwari is hosting an upcoming event called the Pocket Change Millionaire Summit. The event will take place in Delray Beach, Florida, although it seems a webinar will also be available. During the summit, Tiwari will reveal five stocks that give you exposure to the CBD market, helping investors make enormous gains as the market goes mainstream.

You can learn more about the Pocket Change Millionaire Summit at the EventBrite event listing or through the official Palm Beach Research Group website.

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Author: Bitcoin Exchange Guide News Team

A Preview of Countries’ Crypto Regulatory Outlook Heading into the G20 Summit and What’s Next

A-Preview-of-Countries-Crypto-Regulatory-Outlook-Heading-into-the-G20-Summit-and-Whats-Next

The G-20 countries are gearing up for the upcoming G-20 summit, and the main aim of the upcoming event will be largely focused towards implementing unified crypto regulations set by intergovernmental organizations such as the Financial Action Task Force. The European central bank has confirmed that despite the challenges posed by crypto assets to the euro area’s financial stability, it is still manageable.

The G-20 nations have reaffirmed their support for the FATF recommended policies in areas such as anti-money laundering as well as crypto assets. The FATF recently conducted their annual Private Sector Consultative Forum in Austria which saw participation from over 300 representatives from the private sector.

The Financial Action Task Force (FATF) comprises of 36 countries and two international organizations including the European Commission. During the recent forum, FATF said,

“The discussions focused on the mapping of virtual asset services and business models … and on the implementation of specific FATF recommendations.”

The FATF in its April Report also put out a guideline for the member G20 countries for regulating and standardizing crypto assets. The Financial Action Task Force further promised

“to continue assisting jurisdictions and the private sector, in implementing a risk-based approach to regulating virtual asset service providers, including their supervision and monitoring,”

While providing a standard guideline to help the G20 nations in formalizing their crypto regulations, the FATF also emphasized on various risks that come along with the standardization of digital assets such as money laundering. The report states,

“Technological innovations, including those underlying virtual assets … may deliver significant benefits to the financial system and the broader economy.”

Russia Needs To Get Their Regulatory Framework Finalized

Russia, one of the G20 nations has been facing constant delays in finalizing the crypto regulations. Now they have come out to announce that they would be following the standards set by FATF to help them create a standard framework for the use of digital assets in the country.

The Russian President Vladimir Putin has asked the concerned authorities to finalize the regulatory framework in July last year, but there was no progress made on the order. Putin again ordered the authorities to complete the framework by July this year. Looking at the progress made on the recent order, the finalization of the framework might get delayed again.

Anatoly Aksakov, the Chairman of the State Duma Committee on Financial Market has recently said that they are facing issues due to the requirements set by the FATF. The chairman said that the guidelines set by the FATF either need to be implemented into the law on digital assets or a separate bill need to be passed. He explained,

“The law on digital financial assets has been suspended … There were FATF decisions that require us to resolve issues related to bitcoins and so on.”

Another report in the local media houses suggests that the laws on regulating crypto and digital asset may come in force in the Spring season. The reports were based on the deputy chairman of the Bank of Russia, Olga Skorobogatova’s recent comments. The report quoted her saying,

“The law on digital financial assets, on crowdfunding, etc., all these bills are in a fairly high degree of readiness. Colleagues from the State Duma committees are very helpful, we expect that these laws can be passed during the Spring session.” She further stressed that these laws “are extremely important for the country and will provide an opportunity to implement new projects.”

Japan is Helping Other G20 Nations While South Korea Emphasises on Regulatory Consistency

The upcoming G20 summit will be hosted by Japan, which also happens to be one of the most crypto compliant nations with the consumer-friendly regulatory framework put in place. The country has also shown its interest in helping other nations with their regulatory dilemma by working on implementing global standards on crypto assets.

The House of Representatives recently passed a crypto bill with several resolutions. One of the media publications reported,

“We have fully grasped the regulatory trends of G20 countries and cooperated with each country to achieve international harmony.”

The Financial Services Agency (FSA), Japan’s top financial regulatory released a report last December which states,

“To manage and mitigate the risks emerging from virtual assets, countries should ensure that virtual asset service providers are regulated for AML/CFT purposes.”

South Korea, another G20 nation has often echoed for the regulatory consistency and have announced several times that they would be complying with the unified crypto regulatory standards. Choi Jong-Ku, Chairman of the Financial Services Commission said that

“Transnational cooperation is necessary to regulate virtual currencies,”

The FSC chairman also emphasized on the importance of G20 nations adhering to the international standards prepared by the FATF

“to minimize regulatory inconsistencies.”

The Possible Challenges in Creating a Standard Regulatory Guideline

Chainalysis, one of the prominent blockchain and the crypto analytic firm gave feedback on the guidelines set by the FATF. The firm said that the Guidelines set by FATF would have profound implications for the cryptocurrency industry. The Chainalysis feedback report explained,

“There are clear technical obstacles that prevent cryptocurrency businesses from being able to comply with these standards. Cryptocurrencies were originally designed as a peer-to-peer financial system that has no central authority and no intermediaries.”

The analytics firm went on to note that in order to adhere to the FATF guidelines, crypto exchanges can use the transparency from the shared ledger to form an effective Risk-based approach. The firm went on to suggest that exchanges should take up the responsibility to conduct KYC and store the data safely. Crypto exchanges should start linking users KYC information with their transactions as it is not available on the public ledger.

The feedback report explained further,

“Forcing onerous investment and friction onto regulated businesses, who are critical allies to law enforcement, could reduce their prevalence, drive activity to decentralized and peer-to-peer exchanges, and lead to de-risking by financial institutions.”

Chainalysis noted that these measures would decrease the transparency which is currently available to the law enforcement agencies.

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Author: Bitcoin Exchange Guide News Team