The markets context of cryptocurrencies is changing in what may seem like a subtle manner but has real political consequences. One question is the pivot point. Should Bitcoin maintain the pseudonymity that offers privacy or should government identify users through such measures as imposing Know Your Customer (KYC) requirements on exchanges?
Also read: Snowden: Anonymous ‘Zcash’ Could Solve Bitcoin Surveillance Risks
The Price of Going Mainstream
The answer seems screamingly obvious: privacy! But the question keeps arising with disturbing frequency in the Bitcoin community where regulation has some strong advocates who believe it is a prerequisite of going mainstream.
Kevin Batteh is an advisor to the Chamber of Digital Commerce, the world’s largest trade association representing the digital asset and blockchain industry. He comments on the recent settlement between the Hong Kong-based bitcoin exchange Bitfinex and the US Commodity Futures Trading Commission. Batteh:
Businesses may loathe burdensome regulation, but they almost always welcome regulatory certainty, even if they are certain they don’t like the particular regulation. Regulatory certainty is predictable and allows businesses to comply with rules, to plan, and to avoid risks […]
A recent Coindesk headline regarding blockchain indicates the extent to which Bitcoin is being claimed by the mainstream: “90