Читать книгу Cryptocurrency All-in-One For Dummies онлайн

184 страница из 200

Know your customer (KYC) and anti-money-laundering (AML) regulations require banks to know who they’re doing business with and to ensure that they’re not participating in money laundering or terrorism. Banks issuing cryptocurrencies still have significant challenges to overcome. In order to stay compliant with KYC and AML regulations, they need to know the identity of all the individuals utilizing their currency. In many cases, people’s bank accounts are already offering debit and credit service transactions, like distributed ledgers in blockchains. The first candidates in this area are going to be regions where regulators, banks, and central banks work together. Singapore and Dubai are good candidates that already have blockchain initiatives: Singapore used blockchain technology to verify COVID-19 test results, and the UAE government launched the Emirates Blockchain Strategy in 2021, aiming to transform 50 percent of government transactions into the blockchain.