AML Bitcoin – what, when and how

In September, 2017, The Merkle reported that a new type of Bitcoin may be on its way, the so-called AML Bitcoin. AML reportedly stands for Anti-Money Laundering. While there are many worries around the decentralization of Bitcoin, AML is a sort of the centralized version of the cryptocurrency. The NAC Foundation was going to be responsible for the creation of this new type of Bitcoin. The launch was rumoured to be around October 1st, 2017, but such digital currency never came to life.

Now, as Bitcoin breaks new highs, hitting $9,800 levels on all international exchanges, and with the forks that essentially created new products like Bitcoin Cash and Bitcoin Gold, AML Bitcoin is on the horizon. According to JP Buntinx, the new currency is going to be listed on the HitBTC exchange, which is also the first major exchange to openly bolster AML Bitcoin in an official capacity.

The novelty of AML Bitcoin is the fact that it will be centralized currency, putting focus on KYC and AML protocols, which are currently not available on the traditional protocol of Bitcoin.

The launch of AML Bitcoin is expected to be in mid-December, 2017, with the product in development for quite some time now. The HitBTC exchange will be the first exchange to support the new currency.

While bitcoin-related products and bitcoin itself are seemingly gaining momentum and popularity these days, governments and central banks are still having two minds as it comes to the centralization and control issues that are associated with the “people’s currency”. It is not known how AML Bitcoin will be perceived by the world and investors, but one thing is for sure: the Bitcoin community and exchanges are now realizing the potential benefit of a centralized digital currency that has the same pros, and fewer cons.



Read Also: