Tag: digital currencies

Beyond Bitcoin: Privacy, Money, Crime and a Better Digital Currency

Beyond Bitcoin: Privacy, Money, Crime and a Better Digital Currency

The National Aten Coin Foundation and Chicago-Kent College of Law hosted the Aten Coin 2016 Conference, “Beyond Bitcoin: Privacy, Money, Crime and a Better Digital Currency.”

The Bitcoin competitor Aten Coin describes itself as “the next generation digital currency that utilizes proprietary techniques to verify ownership of coin holders, monitor secured transactions, identify senders and receivers, maintain transparency over record-keeping process, protect coins from theft.” What Aten Coin offers is good for controlling money laundering, but can raise concerns about privacy. The conflict reflects the dual nature of financial regulation. Anti-money-laundering and counter-terrorism law require identifying parties in financial transactions and filing reports on suspicious activity, but privacy regulations restrict the disclosure of personally identifying information.

Can we realize the gains from digital currencies in a coherent system of regulation that respects privacy while also taking adequate steps to against money laundering and terrorism? The conference addressed this question and the effectiveness of Aten Coin in providing a solution.

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