📅 Original date posted:2015-08-27
📝 Original message:> So where is the solution? What to do?
AML-KYC is mostly something that sits on top of the Bitcoin protocol.
Take Coinase, inc. as an example. They check bank accounts before they
open your account and they link your Bitcoin address to your account in
their database. Then they ask for an explanation of why you are using
the account. Then they track your coins to a certain extent once you
actually buy Bitcoins. None of these activities are directly involving
the protocol or would require changes to the Bitcoin system.
What you can do is develop standards for using Bitcoin and entities that
need to follow AML-KYC can choose to follow those standards if they want
when they conduct business using Bitcoin. You can add a small amount of
extraneous data to transactions that could show you followed some
AML-KYC procedure. If you did that you could have a "white list" of
complaint transactions rather than a "black list" of non-compliant
transactions as you seem to be proposing. I am not sure how you would
actually do something like that or how it would work but it is an
interesting concept (not necessarily good, but interesting).
Russ
Milly Bitcoin [ARCHIVE] /
npub1rv…hc5wt
2023-06-07 17:38:19
in reply to nevent1q…jhfx
Author Public Key
npub1rv5ajnhgrc0wq3ulrk6tcjkgsaq8h4rs5rtsvrnklz4j0lw40egqphc5wtSeen on
wss://relay.noswhere.comPublished at
2023-06-07 17:38:19Event JSON
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"content": "📅 Original date posted:2015-08-27\n📝 Original message:\u003e So where is the solution? What to do?\n\nAML-KYC is mostly something that sits on top of the Bitcoin protocol. \nTake Coinase, inc. as an example. They check bank accounts before they \nopen your account and they link your Bitcoin address to your account in \ntheir database. Then they ask for an explanation of why you are using \nthe account. Then they track your coins to a certain extent once you \nactually buy Bitcoins. None of these activities are directly involving \nthe protocol or would require changes to the Bitcoin system.\n\nWhat you can do is develop standards for using Bitcoin and entities that \nneed to follow AML-KYC can choose to follow those standards if they want \nwhen they conduct business using Bitcoin. You can add a small amount of \nextraneous data to transactions that could show you followed some \nAML-KYC procedure. If you did that you could have a \"white list\" of \ncomplaint transactions rather than a \"black list\" of non-compliant \ntransactions as you seem to be proposing. I am not sure how you would \nactually do something like that or how it would work but it is an \ninteresting concept (not necessarily good, but interesting).\n\nRuss",
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