Accenture: the British government should regulate bitcoin Wallet

Accenture: the British government should regulate bitcoin Wallet

Accenture Corporation in response to the British Treasury for digital currency information requirements of a document in CoinDesk, suggested that the UK government should implement the supervision of bitcoin wallet and bank account, use the same logo and regulatory requirements. Accenture is a global management consulting and technology services provider, one of the world’s top 500 enterprises.

Document dated December 2014, we can see that the company treats the digital currency attitude is very positive, and highlights the potential of digital currency.

Accenture said:

“Although the use of digital currency and still in the early stages of development, but they will always exist and develop, the technology has the potential to reshape the financial services of many.”

However, the document also acknowledged that the digital currency has many risks, including price fluctuations, lack of consumer protection and the potential loss of funds (for example, forgotten by others by fraud or private gain access).




Accenture believes that money laundering involving the illegal behavior is the biggest problem currently existing bitcoin. Therefore, Accenture appealed to the government regulatory bitcoin wallet, bank account will be used for labeling requirements are also applied to the bitcoin wallet.

The documents said: “governments require bank account must be identified (by giving the account and use this principle to name your client), it should be in the same way for digital currency wallet, because the naming, recognition of digital currency wallet is a legal digital currency is the core of the economic component.”

The file then use to establish a central authority to supervise the digital currency wallet.

Accenture repeatedly stressed in the document, supervision should be limited in the digital currency wallet, and should not be extended to digital currency. Any provision that is created must be reasonable and proportionate, clear digital currency wallet users should bear the responsibility.

Documents continued:

“Strict supervision system (or historical framework) could stifle innovation, in order to avoid the occurrence of such a situation, should be dedicated for the development of digital currency to establish a flexible regulatory system, in order to promote the economic growth of the digital currency.”


Limited measures


The 16 page document, including limited measures taken by the government that accenture:

? regulation in order to make the digital currency wallet can be uniquely identified and approved, such as through the “know your customer” the principle of recognition

Authorized? For some organization (that is licensed to digital currency wallet institutions, such as banks, to facilitate unified) digital currency wallet to provide identity inspection and verification services

? provide clear rules and responsibility system, to help digital currency wallet market participants learn how to regulate the use of digital currency wallet, prevent financial crime (anti money laundering rules and sanctions).

The document said that these measures will promote the development of digital currency economic security legal.


black economy


The paper pointed out that under the supervision of bitcoin, users can still anonymously to operate the digital currency wallet, but these operations will be excluded from the “legitimate economy”, and resides in the “black economy”.

The block chain as the accounting system, all bitcoin transactions will be recorded, even those that occurred in the “black economy” in the trade zone.

Accenture said, forensic analysis it is not only helpful to law enforcement and anonymous transactions, will also make criminals illegal money laundering in black economic zone became difficult to use digital currency.


The establishment of authority


Make a list of Accenture to create a digital currency wallet authorized institutions, similar to the list of authorized payment institutions.

These institutions will be a central mechanism of unified supervision, such as FCA, these responsibilities include:

? issued a digital currency wallet, and through KYC (know your customer) to check and confirm the principle of digital currency wallet owner

? 保持每个数字货币钱包处于合规状态

? monitoring digital currency wallet, to confirm payment occurred in between the identification of digital currency Wallet

? monitoring transactions, to follow the sanctions list

Freeze suspicious digital currency wallet?


To encourage banks to participate in


Accenture believes that if there is no government intervention, the Bank of England is unlikely to successfully carry out digital currency business, it will hinder the further innovation in the field of payment, resulting in the flow of foreign currency, encryption.

The document said that the development bank is actually very support the financial sector of the Internet startups, but banks are not willing to expose themselves to prevent money laundering by sanctions and violations of the British government punishment and international regulatory review. It added:

“Customer benefits and the risks they face from startups than isn’t what.”


The block chain technology


In a CoinDesk interview, Accenture spokesman explained why the company decided to respond to the government for digital currency information requirements.

She said that the digital currency is very important to the company’s financial services customers, so the views collected at. The spokesman added:

At present, our technical laboratory is testing technology to test the blockchain, related to the interests of customers of the case. Consultation is a chance we thought shared with the government, and help in the digital currency supervision to discuss issues.”

Last week, Citibank CoinDesk said in response to the government for digital currency information required that the British government should create their own digital currency.

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