Author: s7r 2015-08-27 09:33:16
Published on: 2015-08-27T09:33:16+00:00
The message is an email sent to the bitcoin-dev mailing list regarding Bitcoin and its role as a decentralized payment network. The author argues that Bitcoin operates globally and therefore no jurisdiction can apply to it and have effects. It is the sole responsibility of all users and businesses involved in Bitcoin to comply with their local regulations while using Bitcoin. The author believes that trying to standardize compliance at the backbone network level would be impossible and even if possible, it would be a huge mistake.The author acknowledges that Bitcoin already rings a bell in most places of the world where there is a reasonable level of technology available. They believe that Bitcoin is powerful and should continue to be improved. The author notes that no law enforcement authority or government branch is asking for more than users/businesses to comply with the regulations that bind them. Because requirements depend on the jurisdiction of each user/business, it is unique/custom for each one, making it not even a subject to be discussed on the bitcoin-dev mailing list.The email also includes a response from Patrick Strateman via bitcoin-dev who asks if the author is aware of prior work in this field and provides a link to a Reddit thread. Additionally, the email includes a proposal from Prabhat Kumar Singh to create an AML-KYC module to control the network and qualify use cases in an OFAC compliant way. The author requests feedback and suggestions.
Updated on: 2023-06-10T21:08:50.242181+00:00