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    Author Topic: [ANN] Bitcoin Foundation  (Read 127686 times)
    acoindr
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    September 29, 2012, 01:52:11 AM
     #701

    The plan was openly discussed.  And then linked in the OP.

    Having thought about this for longer now I'd say my main fear with this foundation is how they're going to credibly explain to the US govt that they cannot build AML and KYC rules into the code when they are actually paying the devs salaries?


    This was on the tip of my tongue! Thank you so much!

    This is no problem at all.

    Bitcoin does not need AML/KYC policies, however the companies that operate within moving fiat to Bitcoin and back do.

    It's a very simple concept of closed loop and open loop. One which I've explained to regulators many times

    -Charlie

    Interesting answer. Let me put it another way.

    What is the representative foundation going to do when the U.S. Department of Justice or similar authority targets it to help crack down on users suspected of illegal behavior, like openly buying drugs on Silk Road. Please keep in mind that hushmail.com, which is based in Canada, was pressured into helping authorities install Java code that aided them in busting mail account holders of an amateurish Silk Road like online drug ring.
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