Recently all around the world there has been an upsurge in fears related to the use of cryptocurrencies. These concerns are mostly rooted in the anxiety of governments and financial institutions about the anonymity of digital currencies, such as Bitcoin and Ethereum, which opens the door for criminals and cyber terrorists to otherwise secure financial systems. This has brought about a wide variety of responses from the global community, which range from discussions and introduction of strengthened control over cryptocurrencies, to bans on cryptocurrency exchanges in some countries.
In addition to the infamous actions taken in China and South Korea, the United States Congress is now considering placing a ban on the use of anonymous cryptocurrencies that do not meet anti-money laundering (AML) requirements by US-based vendors. Were this to come to pass, the United Kingdom is expected to follow suit. This makes the appearance of AML BitCoin, the only AML compliant cryptocurrency with biometric identification capabilities included in its code, very timely.
With this in mind, Marcus Andrade, the CEO of NAC Foundation, LLC, which created the AML BitCoin, travelled to London to meet with MP Adam Afriyie to discuss the role that AML BitCoin could play in assuaging these fears and facilitating the wider use of cryptocurrencies in the UK. Mr. Afriyie is the chairman of the All Party Parliamentary Group on FinTech, which was established to encourage the discussion of the importance of financial technology to the economy and its possible applications. He was the first to touch upon the subject of blockchain technology, the cornerstone of digital currencies and other technical innovations, in the House of Commons.
Summarizing the discussion, Mr. Andrade stated:
“MP Afriyie was impressed by the way AML BitCoin uses our patent-pending technology to ensure AML/KYC compliance. We talked about meetings with major stakeholders, and NAC’s assistance in getting the word out, through his office, on blockchain and cryptocurrencies.”
He also expressed his hope that Mr. Afriyie and the All Party Parliamentary Group on FinTech would soon hold a roundtable with MPs, key stakeholders, and members of the House of Commons, giving AML BitCoin another chance to expound on the advantages of its product.
Mr. Afriyie was not the only one that Mr. Andrade talked with in London. He also met Global Head of Primary Markets Dr. Robert Barnes and Head of Global Development Market Infrastructures Antonella Amadei of the London Stock Exchange (LSE). The discussion included the questions related to the integration of cryptocurrencies with traditional financial institutions, which is becoming more important as cryptocurrencies continue their rapid development, and the common anxiety and misgivings of those in finance concerning the instability of digital currencies and their abuse by unsavory parties. Mr. Andrade described how AML BitCoin may be the solution to both of these issues. The leaders of the LSE resolved to continue studying this issue, and to consider how AML BitCoin may be able to help in this regard.