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Experts at the MIT Bitcoin Expo on Saturday argued that blockchain as a technology is not yet a clear choice for central bank digital currencies due to challenges regarding privacy protection, interoperability, and the ability to move value on a consistent basis. At the same time, they believe that the introduction of central bank digital currencies is a necessary improvement upon the existing global financial system because they advance financial inclusion, cut the cost of handling cash and help mitigate risks during crises.
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This FATF Guidance is intended to assist governments, regulated entities and other relevant stakeholders in determining how digital ID systems can be used to conduct certain elements of customer due diligence under FATF Recommendation 10.
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Despite bitcoin’s downsides as a medium of exchange, a group of people that would choose bitcoin over fiat would be vendors that sell legal goods that are nevertheless cut off by mainstream payments networks. For example, MasterCard’s Business Risk Assessment and Monitoring (BRAM) policy cuts out synthetic drugs, salvia divinorum, psilocybin mushrooms and spores, and nitrite inhalants.
Kiffmeister’s Fintech Daily Digest 03/08/2020
