The Man Who Wrote a Book on Bitcoin Calls ‘Know Your Customer’ Dangerous

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The USA PATRIOT Act required that all banks in a United States determine a identities of their depositors, in sequence to criticise a ability of terrorists to use a financial system. So it’s mocking that Andreas Antonopoulos called a practice “dangerous” in a YouTube post that went adult recently. The judgment has come to be famous as “know your customer,” or “KYC.” It’s bandied about a lot during fintech and bitcoin gatherings.

Mr. Antonopoulos wrote Mastering Bitcoin for O’Reilly Media, a association with a knack for edition a decisive works on technical topics. So it’s satisfactory to contend that a male who wrote a book on bitcoin believes KYC does some-more to endanger consumers than strengthen them, nonetheless a New York Department of Financial Services put KYC during a heart of the cryptocurrency license it expelled final year, famous to bitcoin entrepreneurs as “BitLicense.”

Startups that wish to yield financial services around bitcoin or other cryptocurrencies in a state will need to infer they can determine identities. As a financial collateral of a nation and a initial state to act on these currencies, several sources in a cryptocurrency village have told a Observer that they design other states


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