[..privacy… decentralization…. free from censorship]
I am sure most of readers on medium would have read enough about the importance and significance of our privacy, decentralization and being free from censorship of any sort.
We still want all of them but it seems to me that the regulating bodies do not want us to have it. Please read the article from the link below to find out more.
Major national and international exchanges will have to comply with these regulations eventually but there are some limitations to this in decentralized public blockchains, because
- the ownership of an addresses cannot be identified unless the owner declares it
- even if a person declares the ownership of an address, it can only be proven by the regulating bodies when they and complying exchanges are the ones that hold the keys to the account and has a KYC system in place.
- basically, if the account addresses can be issued by anyone, account identification has to reply on self-declaration and lacks credibility.
So in conclusion, what the regulating bodies want is neither feasible nor possible with popular coins like bitcoin or ethereum. In order to make their plan possible, all blockchain accounts shall be issued by exchanges.
All privacy coins(or dark coins which is a bad term being forced on us by media for some reason) will be affected by this and I already read articles of some exchanges delisting of major privacy public blockchains unless a proper measure is taken for the identification requirements. (which is impossible as mentioned before.)
Will this affect Qwertycoin? Not really. Not because we will give up our rights on privacy but because we have a way around this. So, do not worry.