THELOGICALINDIAN - The figureheads abaft an AMLcompliant cryptocurrency masquerading as Bitcoinrelated face accuse of artifice
U.S. government agencies accept answerable two men complex in AML BitCoin, an attempted Bitcoin knockoff, with banking crimes.
Alleged Financial Crimes
The Department of Justice (DOJ) has answerable Rowland Marcus Andrade, the architect of AML BitCoin and the NAC Foundation, with money bed-making and wire fraud.
AML Bitcoin aloft $5.6 actor during its ICO, and Andrade encouraged at atomic one broker to absorb $1 million. He additionally misspent a allocation of those funds on claimed property.
D.C. Lobbyist Jack Abramoff allegedly addled activity investors as well; he has been answerable by the U.S. Securities and Exchange Commission (SEC) on that count. Abramoff will pay added than $50,000 in fines.
What Is AML BitCoin?
Despite its name, AML BitCoin has no affiliation to Bitcoin, Bitcoin Cash, or any added accompanying coin.
AML BitCoin allegedly offers acquiescence appearance that accommodated AML/KYC regulations. The coin’s biometric authentication, multi-factor authentication, and tracking appearance arguably accommodate accoutrement for authoritative compliance. However, accustomed the project’s ambiguous background, it is absurd that those affairs will become a reality.
Furthermore, no governments arise to be because the coin. Meetings amid Andrade and admiral in Panama and California were exaggerated, according to allegations.
Congress Isn’t Using AML BitCoin
Rumors that U.S. Congress could accept AML BitCoin as a agenda bill are absolutely unfounded.
It seems added acceptable that the U.S. Congress is investigating AML accoutrement in general. Other government bodies accept activated AML regulations on cryptocurrency exchanges, P2P exchanges, and stablecoin issuers in the past.
The U.S. government is additionally because its own digital dollar, which would assuredly get congenital about KYC/AML regulations. KYC/AML accoutrement acquiesce governments to trace individuals who absorb cryptocurrency—a affection that can anticipate crime, but which additionally compromises user aloofness and freedom.
