3 ms·
this is obviously nonsense. you are confusing transactions, versus operating money services businesses. Cash is perfectly legal and so is any cash like instru
by vasilipupkin 8y ago
this is obviously nonsense. you are confusing transactions, versus operating money services businesses. Cash is perfectly legal and so is any cash like instrument. It's when you start operating a business that is involved in money transmission, cash or not, that you need to register.
- JumpCrisscross 8y ago> Cash is perfectly legal and so is any cash like instrument See what happened to bearer bonds. Stablecoins are inherently doomed. First, they’re trying to solve the impossible trinity. And second, their untraceabiliry and explicit hard currency link makes them non-compliant AML-wise.
- ThrustVectoring 8y agoEven if you can make an AML compliant stablecoin, you're going to wind up with low marketshare as you have no competitive edge against over both actual banking and the cryptocurrencies getting used for money laundering. Like, by the time you centralize operations enough to comply with AML laws, you want to be using a database and an API with access tokens and resource identifiers that you hand out to approved participants. At which point you're a fancy bank, pretty much.