> This would be a new digital currency, by the look of things, and not Bitcoin itself. Moreover Bitcoin itself is not of interest to Washington right now.
Well, the good thing is that Bitcoin doesn't need their permission. Indeed, that is quite the point.
That seems to imply that there are no grey or black markets for currencies. This is contrary to what has been observed in history and in some countries today.
> That seems to imply that there are no grey or black markets for currencies. This is contrary to what has been observed in history and in some countries today.
Grey and black market currencies exist but the exchange rate is very painful. Its mostly only viable when the fiat currency is unstable (or in the black market) for that reason.
Either way, its largely useless in the country it has been grey/black market'd and they are relying on their ability to convert it elsewhere.
That doesn't negate the damage though. Requiring a grey or black market to use the currency in a nation of economic significance restricts bitcoin's utility. This will be a value hit when competing against any potential currency that can overcome those hurdles.
You are claiming a situation where 100% of merchants take bitcoin (i.e. everyone) and the scale required is beyond bitcoin by several orders of magnitude.
I've been expecting digital currencies to be co-opted (or at least, try to be co-opted) by centralized authorities for a while now. Looks like we're seeing the first genuine attempt.
Sounds like they might be trying to push a special interest bill. Wonder what company has a "compliant" crypto currency waiting in the wings while they try to get this law passed to give it an advantage in the marketplace.
> - Blockstream pushing AML complaint payment channels over the Lightning Network (bitcoin, any bitcoin fork)
Whaaaaat? What are you talking about here? I've done a bunch of google searches and I can't find any information about what you're talking about.
The idea that Blockstream, who does more work on improving frangibility than anyone else in this space, would be involved in an AML/KYC compliant overlay network is crazy.
Well, the good thing is that Bitcoin doesn't need their permission. Indeed, that is quite the point.