Today FATF announced a new regulatory recommendation. It contains recommendations to include p2p transactions, transactions with non kyc exchanges, privacy coins, unhosted private wallets and mixers as red flags.
FATF is a pet kept by the US gov. In other words, FATF’s recommendations become the worldwide AML standard. To say that it is are ‘risky’ is the same as saying to ban it.
Get detailed information about the technology behind bitcoin and other crypto currencies, on this website: https://newshub4.com/
The future of privacy is dark. We can use coinjoin, pay to join, or privacy-focused alt, but it will get harder and harder. This is because the modern AML mechanism works in a bizarre way of thinking that “nothing to hide nothing to fear so no need for privacy”. Governments are not interested in anything other than completely eliminating financial privacy and expanding mass surveillance.
To solve this, I think bitcoin will someday need to set the anonymous transfer feature as default. Mixing, zero-knowledge proof, coin swap, rings… whatever, to make sure that traders are not considered potential criminals just to use the privacy protocol.
If Bitcoin is widely accepted then now, it will be difficult for the government to ban it even if privacy is the default. Many traders will rebel, and the source code cannot be interfered with because it belongs to the freedom of speech.
Some will worry that this idea will be abused in crime. But tracking criminals is a government” ‘s job’. Already, the government is doing a lot of research on it. At the same time, it is also the government’s duty to protect our privacy. If someone abuses technology, the government has to figure out how to track it down, and it’s not the right way to stop ordinary people from using privacy protocols.
Already, the government is putting bitcoin traders under mass surveillance. If they don’t trust us and don’t respect our basic rights, we don’t have to be 100% obedient to their big-brother dream. We must have the real power to protect our own privacy.
What do you think about this opinion? Anyway, I believe bitcoin needs better privacy and fungibility as a default.