The bill will modernize the laws for the Bank Secrecy Act, including new “Innovation Labs” at each of the U.S. federal regulators to advance the way BSA is applied by financial institutions. “The industry is also adopting or adapting to new products and services in the marketplace, such as cryptocurrencies, payments platforms, and blockchain technologies. Person looking at blockchain concept on screen as a secured decentralized ledger for cryptocurrency ... [+] financial technology and business transaction data, fintech GettyStill not convinced and think the decentralized cryptocurrency is akin to lone wolf terrorists and transnational crime? At the end of the day, there is certainly a view of “national security” and how that is threatened by a “decentralized cryptocurrency”. Hopefully, as the new BSA bill works its way through the Senate and as new Labs start to spring up around D.C., the regulators will note that perhaps, there is some virtue to a decentralized cryptocurrency after all.

Source: Forbes November 05, 2019 06:33 UTC