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No Terror with BTC! Thanks to AML and KYC Regs

Gautham | June 7, 2015 | 3:30 pm
Uncategorized

No Terror with BTC! Thanks to AML and KYC Regs

Gautham | June 7, 2015 | 3:30 pm

Are you a Bitcoin skeptic? I hope not… Most of the vocal critics of bitcoin and cryptocurrency seem to be concerned about the “anonymity” associated with bitcoin transactions. According to some of them, because of the so-called anonymity, bitcoins are “made to order” for terror organizations to raise funds. Well I have some news for them – It is not anonymity, but “pseudonymity”, they are two different things.

Who said your bitcoin transactions couldn’t be tracked to a particular location or IP address in real-time if necessary (if you do not believe me, read it for yourself)? Call me paranoid, but I have a feeling that our big brothers in governments have already started working on it.  This makes bitcoins a lot better than hard cash, which is much harder to track.

Things are going to become a lot tougher for terrorist sympathizers who have begun adopting bitcoin as a means of funding as bitcoin exchanges have started implementing Anti-Money Laundering (AML) and Know Your Customer (KYC) into their operations. AML and KYC are part of the framework in those countries that have already passed bitcoin regulations. Even in the absence of any bitcoin regulations, a majority of bitcoin exchanges across the world have already started to follow suit by creating and implementing their own due diligence and preventive measures to curb potential misuse of their platforms.

READ MORE: UK AML Regulations for Cryptocurrency – Much Needed and Well Balanced

Indian bitcoin platforms like Unocoin have devised their AML and KYC process along the lines of those adopted by banks. By adopting such measures, even in the absence of regulations, bitcoin businesses are insulating themselves from any blowbacks due to sudden implementation of regulations from the government or the central bank.

READ MORE: Exclusive: NewsBTC meets Sunny Ray from Unocoin

Even though some people have the impression of bitcoin to be the dirty money, due to its association with Silk Road and deep web, it is cleaner (both literally and figuratively) than hard currency.

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