Bitcoin Legal Issues

[MMostaza]

One of the major concerns for Governments and Banks to use bitcoin, and other cryptocurrencies, are the Know Your Client (KYC) process with is being used to prevent fiat currency from the Money Laundering in contrast with the anonymity of cryptocurrency transactions.

But what these institutions don't take in consideration is that cryptocurrency accounts for the identity of its users both at the beginning and end of transactions through digital wallets and that in the blockchain each transaction is supervised, validated and recorded as a complete transaction history. So one solution to include cryptocurrency into regulations and, at the same time, improve regulations themselves could be to expand KYC as a worldwide pre-requisite to issue global e-wallets by setting designated wallet standards, thereby prohibiting token transfer to a wallet which does not meet those same standards.

That way Money Laundering issue could be erased of the equation and cryptocurrency can become more reliable on the major public eyes and institutions.

I took this conclusions after reading this article in which explains how blockchain could provide the answer to the anti-money laundering issues that crypto-currencies face based on the examination of the situation made by to experts, and I think it could be interesting also for you to read:

https://bravenewcoin.com/news/blockchain-could-provide-the-answer-to-the-anti-money-laundering-issues-that-crypto-currencies-face/

[Hegelia]

There is still not a formal low around the world of bitcoin,so we need to know more .

[jungwong]

Surely an essential part of the resistance against new forms of currency comes from those who gain the most from the way the system is currently set up. Could you imagine what’d happen to the BIS if there was to be a truly viable alternative?

[the rise]

One of the major concerns for Governments and Banks to use bitcoin, and other cryptocurrencies, are the Know Your Client (KYC) process with is being used to prevent fiat currency from the Money Laundering in contrast with the anonymity of cryptocurrency transactions.

But what these institutions don't take in consideration is that cryptocurrency accounts for the identity of its users both at the beginning and end of transactions through digital wallets and that in the blockchain each transaction is supervised, validated and recorded as a complete transaction history. So one solution to include cryptocurrency into regulations and, at the same time, improve regulations themselves could be to expand KYC as a worldwide pre-requisite to issue global e-wallets by setting designated wallet standards, thereby prohibiting token transfer to a wallet which does not meet those same standards.

That way Money Laundering issue could be erased of the equation and cryptocurrency can become more reliable on the major public eyes and institutions.

I took this conclusions after reading this article in which explains how blockchain could provide the answer to the anti-money laundering issues that crypto-currencies face based on the examination of the situation made by to experts, and I think it could be interesting also for you to read:

https://bravenewcoin.com/news/blockchain-could-provide-the-answer-to-the-anti-money-laundering-issues-that-crypto-currencies-face/

only developed countries can apply it, otherwise it will be a big problem because not all countries are able to close the gap in the washing of bitcoin transaction traces, this problem is very complicated because America also can not manage it until now.

KYC is indispensable but can only monitor 1% of user accounts because the creation and ownership of unlimited wallets will not be able to be fully monitored.

[chineseprancing]

One of the major concerns for Governments and Banks to use bitcoin, and other cryptocurrencies, are the Know Your Client (KYC) process with is being used to prevent fiat currency from the Money Laundering in contrast with the anonymity of cryptocurrency transactions.

But what these institutions don't take in consideration is that cryptocurrency accounts for the identity of its users both at the beginning and end of transactions through digital wallets and that in the blockchain each transaction is supervised, validated and recorded as a complete transaction history. So one solution to include cryptocurrency into regulations and, at the same time, improve regulations themselves could be to expand KYC as a worldwide pre-requisite to issue global e-wallets by setting designated wallet standards, thereby prohibiting token transfer to a wallet which does not meet those same standards.

That way Money Laundering issue could be erased of the equation and cryptocurrency can become more reliable on the major public eyes and institutions.

I took this conclusions after reading this article in which explains how blockchain could provide the answer to the anti-money laundering issues that crypto-currencies face based on the examination of the situation made by to experts, and I think it could be interesting also for you to read:

https://bravenewcoin.com/news/blockchain-could-provide-the-answer-to-the-anti-money-laundering-issues-that-crypto-currencies-face/

only developed countries can apply it, otherwise it will be a big problem because not all countries are able to close the gap in the washing of bitcoin transaction traces, this problem is very complicated because America also can not manage it until now.

KYC is indispensable but can only monitor 1% of user accounts because the creation and ownership of unlimited wallets will not be able to be fully monitored.

Most of the country used Anti-Money Laundering (AML) to prevent suspicious and anomalies in any transactions. That's why even though bitcoin is decentralize they were need to follow the rules and regulations of each country, to have a protection to their assets.

In addition using AML policy is not bad because thru help of this policy bitcoin amount will be lessen their risks.

[Kronos21]

A user not interested in the problems of the government to combat money laundering. I don't see any major problems that dishonestly earned money will work on the country's economy. Bitcoin is a currency created in opposition to the state currency. Officials do not have to climb your hands on bitcoin. I am against any cooperation with the state.

[carlfebz2]

One of the major concerns for Governments and Banks to use bitcoin, and other cryptocurrencies, are the Know Your Client (KYC) process with is being used to prevent fiat currency from the Money Laundering in contrast with the anonymity of cryptocurrency transactions.

But what these institutions don't take in consideration is that cryptocurrency accounts for the identity of its users both at the beginning and end of transactions through digital wallets and that in the blockchain each transaction is supervised, validated and recorded as a complete transaction history. So one solution to include cryptocurrency into regulations and, at the same time, improve regulations themselves could be to expand KYC as a worldwide pre-requisite to issue global e-wallets by setting designated wallet standards, thereby prohibiting token transfer to a wallet which does not meet those same standards.

That way Money Laundering issue could be erased of the equation and cryptocurrency can become more reliable on the major public eyes and institutions.

I took this conclusions after reading this article in which explains how blockchain could provide the answer to the anti-money laundering issues that crypto-currencies face based on the examination of the situation made by to experts, and I think it could be interesting also for you to read:

https://bravenewcoin.com/news/blockchain-could-provide-the-answer-to-the-anti-money-laundering-issues-that-crypto-currencies-face/

only developed countries can apply it, otherwise it will be a big problem because not all countries are able to close the gap in the washing of bitcoin transaction traces, this problem is very complicated because America also can not manage it until now.

KYC is indispensable but can only monitor 1% of user accounts because the creation and ownership of unlimited wallets will not be able to be fully monitored.

Most of the country used Anti-Money Laundering (AML) to prevent suspicious and anomalies in any transactions. That's why even though bitcoin is decentralize they were need to follow the rules and regulations of each country, to have a protection to their assets.

In addition using AML policy is not bad because thru help of this policy bitcoin amount will be lessen their risks.

On most countries they do really have this kind of law which is AML where it would really keen on seeing transaction when it comes to money laundering and this is the reason why Bitcoin cant really pass and consider to be adopted because of the risk connected to it because of its decentralized and anonymity feature and I do really understand why it cant really be accepted easily because of these things.

[Proton2233]

When we are talking about the fact that bitcoin allows people to launder money then why don't we say that they earn this capital with the help of Fiat. Let the government controls Fiat. It was his duty. It is easy to blame bitcoin not to recognize their own mistakes. Governments don't want bitcoin because they are all bought by bankers. Banks can't compete with bitcoin.

[palle11]

We will have precedents set in different countries.
If governments don't legislate, the courts will express their views when Bitcoin is mentioned in cases.

It is only the legislature of a country that makes laws and in that case , the courts can only interpret what the intent of the law is. Precedent can only follow when a certain instance has happened before which is law and interpreted by the court.

Thus, if bitcoin has been legislated upon, then precedent can follow vice versa.

[Mantisa83]

Take a look at the collective debt the world owes to the central bank. Every new born citizen in the US alone is born with a 40 thousand dollar debt attached to them. It's fiat not Bitcoin that's gonna be the biggest bubble mankind has ever seen.

[alkenestoke]

Since Bitcoin is still not governed by any law, it is just to have no definite legal definition. It should be dependent on how a sovereign country should define it based on their sociological framework.

[wladsem555]

Legal regulation of bitcoin in different countries will determine its functioning, as well as those spheres of life in which it will be applied.

[wladsem555]

Take a look at the collective debt the world owes to the central bank. Every new born citizen in the US alone is born with a 40 thousand dollar debt attached to them. It's fiat not Bitcoin that's gonna be the biggest bubble mankind has ever seen.

And this is really a big problem for all countries ... And so we can ask the question: how can bitcoin be raised in these critical processes? Can he neutralize the impact of such an economic catastrophe?