Author: Peter Todd 2016-06-23 10:56:32
Published on: 2016-06-23T10:56:32+00:00
In a bitcoin-dev discussion, Justin Newton explained that BIP 75 and their certificates can potentially support Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance. The goal is to create tools that allow individuals and entities to buy, sell and use bitcoin and other public blockchains while meeting the necessary compliance requirements. The characteristics of this solution include privacy protection, allowing counterparties to decide whether identity information is required for any given transaction, no trace left on the blockchain or anywhere else except with the counterparties, and based on open source and open standards. However, Peter Todd argued against the participation in AML/KYC, comparing it to Tor adding wiretapping functionality and W3C supporting DRM technology, stating that it is bad strategy for Bitcoin developers and not worth the minor tactical wins. Todd proposed removing BIP 75 from the bips repository and boycotting wallets that implement it.
Updated on: 2023-06-11T18:47:38.457567+00:00