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The public often feels somewhat split about the new advances in technology – they can be both exciting and daunting. Some inventions enter the mainstream almost overnight, and for others, it takes time to adjust and adopt. One example of such harder to comprehend innovations can be seen in the phenomenon of cryptocurrencies and their rise as a medium of exchange.
Generally speaking, the greatest obstacle to the full acceptance of cryptocurrencies has been its relative lack of intuitive accessibility for the general public – the concept may seem “geeky” and obscure to some. Others believe that blockchain technology and cryptocurrencies like Bitcoin are mostly used to fund shady if not downright criminal operations (and some of that may, sadly, be true) –blockchain anonymity conveniently lends itself to unsavory uses. However, like any versatile and truly powerful tool, its primary purpose is to support vibrant economies and bring to life amazing innovations.
For cryptocurrencies to move into the mainstream, they have to become much more stable than they have been historically. Another factor is the need for greater public awareness of what real value they offer to their users. They also need to address the shady practices that some users engage in. And some of this is becoming a reality much faster than one might’ve expected.
San Francisco, home to some of the world’s most revolutionary innovations, may be introducing something extraordinary soon: The Port of San Francisco, following suite of many other international ports and logistical hubs, is contemplating the use of cryptocurrencies in its payment systems because it realizes the immense technology potential. The move is a brainchild of the software entrepreneur Marcus Andrade, who met with the port’s management earlier this month to discuss the potential cooperation.
Andrade is the founder of AML Bitcoin, the first and so far the only coin which, because of its unprecedented and visionary design, fully complies with anti-money laundering, anti-terrorism and counter-terrorism financing laws, bank secrecy laws, know-your-customer laws, and anti-financial crimes laws both in the United States and abroad. AML Bitcoin is overseen by the NAC Foundation, LLC, a company founded by Marcus Andrade in 2014 to develop Bitcoin-based identity-verified protocol capable of supporting anti-money laundering, anti-terrorism and thief-resistance.
NAC Foundation’s mission is “to strengthen the social sector by advancing knowledge about the use of regulated digital currencies and blockchain technology in the U.S. and around the globe, […] and to facilitate and contribute to the economic development through the positive experiences and opportunities generated through online commerce.”
NAC Foundation strives “to create an environment that inspires trust, credibility and confidence among organizations, financial institutions, individuals, partners and stakeholders in order to be recognized as the pre-eminent Digital Currency in the world.” After just two years of its operations, through its determined efforts, the company achieved the status of a Platinum Service Member of the American Bank Association.
Marcus is currently negotiating with the port administration on the various ways the port could utilize cryptocurrency as a means of payment, and how to exclude the potential abuse and criminality sometimes attached to the industry. What he proposes is a system in which AML stands for Anti-Money Laundering, and which is based on the standards followed by the American banking industry fixed in The Patriot Act and designed to prevent terrorists and other criminals from abusing the global financial system to fund their operations.
“Cryptocurrencies have an incredible economic and social potential that was unfathomable just mere 15 years ago,” says Andrade. “With Internet bringing endless opportunities to the farthest corners of the planet, cryptocurrencies now give everyone the chance to benefit from the global economy. AML-compliant cryptocurrencies can enter the mainstream commerce and operate right alongside legacy payment options, making the global marketplace a much more safe and secure environment.”
AML Bitcoin public launch will take place on Oct. 1, 2017. Because of its unparalleled features, the currency has attracted significant attention from the government who sees it as very different from other currently available cryptocurrencies. Considering the way new payment method revolutionizes the cryptocurrency technology it seems likely that the U.S. Department of Homeland Security might be interested in examining its utilization in its operations.
The port’s commissioner Leslie Katz, who is a well-known San Francisco attorney, recently said, “San Francisco is a very tech-oriented, forward-thinking city, and as the port administration we are keen to locate new opportunities to effectively apply cutting-edge technologies. We will be evaluating new AML-compliant cryptocurrencies and see if they would offer any benefit to the Port and its customers.” The powerful technology behind AML Bitcoin, and its rigorous compliance features make it a supreme candidate for the adoption in many industries all over the world.
One of the port administration’s duties is to ensure the security and prevent criminal activities. The anonymous nature of cryptocurrencies – particularly their lack of banking security protocols – is generally a cause for hesitation to adopt them. Andrade’s anti-money laundering technology may help overcome the reluctance.
If AML Bitcoin becomes one of the payment methods at the Port of San Francisco, it would greatly advance the general acceptance of cryptocurrencies. Along with the rest of the Pacific Coast US ports, San Francisco port’s job is to protect the western United States from terrorism. International ports receive ships from anywhere in the world, and some of them may carry suspicious cargo, so vigilance must always be exercised. It seems likely that other West Coast US ports will be eager to accept AML Bitcoin. The threat of terrorist attacks is not limited to the US and is currently on the rise in many countries of the world, including the European Union. It seems reasonable to expect that once AML Bitcoin gains entrance to more and more payment systems, it will start spreading out and penetrating international banking structures
This march for greater acceptance of cryptocurrencies is proceeding at a much faster clip than could’ve been anticipated: At present, several congressmen are considering drafting laws to allow a wider use of cryptocurrencies in everyday business, provided they meet existing banking standards. Many in the industry believe this change in technology will revolutionize both the general business and the cryptocurrency worlds.
Proofing cryptocurrency against money laundering and making it comply with “know your customer” laws and other banking regulations will liable to have a huge effect on the cryptocurrencies’ role in the global markets. Some experts speculate that the blockchain technology underlying AML Bitcoin and other similar future currencies will transform the world faster and more dramatically than anything since the invention of computers.