Coin Center demonstrates the principle of Bitcoin in the US Congress

nnnIn the wake of the riots: the association of non-profit research and advocacy organizations Coin Center demonstrated to the United States Congress of the House of Representatives Financial Services Committee under the Terrorism and Illegal Finance Subcommittee Coin operating principle. It is pointed out that block chain technology is widely used and has great potential for helping to combat illegal activities. Hope that through their own efforts, so that government agencies in considering the relevant regulatory policies to fully consider the parties to make the right information.n
nnTranslation: Annie_Xun
nThe non-profit research and advocacy organization Coin Center demonstrated the operation of the Bitcoin on June 29, 2017, to the Terrorism and Illicit Finance Subcommittee of the House Financial Services Committee, under the Financial Services Commission of the US House of Representatives.n
nTo solve the concerns of government agenciesn
nThe increase in Bitcoin miners and enthusiasts has given the government a warning about the security implications that eventually led to a series of discussions. The committee held a hearing to assess the national security issues involved in the block chain trade.n
nThe current relationship between the rise of some of the special currency and money laundering and other illegal activities caused the US Congress to worry about, including the terrorist financing risks, so developed a “fight against money laundering, terrorism financing and forgery bill” (Combating Money Laundering, Terrorist Financing, and Counterfeiting Act of 2017).n
nFight for the real estate businessn
nJerry Brito (Financial Currency: Financial Innovation and National Security Implications), co-director of Coin Center, explained to the committee how the block-chain network of Bitcoin was operating at a hearing entitled “Virtual Currency: Financial Innovation and National Security Impacts”.n
nThe conference memorandum shows that the focus is on “the use of financial technology (FinTech) in illegal activities such as terrorism, the impact of virtual currency on national security, the use of block chain technology in recording transactions and the detection of illegal activities”.n
nIn this part, Brito emphasizes the fact that lawmakers should refer to blockbelt technology as a platform with no potential for specific use without the use of the Internet.n
nTherefore, the block chain advocacy organization called on the government to take a good approach to the encrypted currency, and hope that through their own knowledge, so that the Commission to understand the entire ecosystem, to avoid the assessment of digital money in the process, relying solely on third-party information.n
nClear worryn
nCoin Center believes that the potential problem with block-chain technology is the lack of proper regulation and deep understanding that such problems can be avoided by helping government agencies get sufficient knowledge of encrypted currency.n
nLast week Coin Center shared the knowledge of encrypted currency interest on the demo day to address the so-called risk. And Xapo, Chainalysis, Elliptic demonstrate how typical users interact with Bitcoin networks.n
nCoin Center said the presentation included a process that started with digital wallet and managed wallet, involving strict AML / KYC processes, transaction request delivery, and transaction information browsing.n
nAlthough the agency is committed to encrypting monetary knowledge, it is still uncertain whether the government will take immediate account of the facts in the decision-making process.n

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