Miners Should Control Public Blockchains, - FIN

Vice president of consuting company said that miners should control public blockchains to combat human traffic; this can ban whole tech, CoinCenter believes
04 September 2019   502

David Murray, vice president of strategic consulting company Financial Integrity Network (FIN), recommended that the US Congress equate cryptocurrency miners with virtual asset service providers (VASPs). He claims that this will help solve the problem of using cryptocurrencies in human trafficking.

So, miners like VASP will have to authorize or restrict the implementation of transactions by network participants, and also check the issuers, exchanges and custodians they serve. In this case, the miners will be regulated in accordance with the Bank Secrecy Act.

The trend toward decentralized and autonomous systems threatens our ability to control access to the U.S. financial system.
 

David Murray

VP, Financial Integrity Network

Note that the head of FIN acknowledged that such innovations will make it impossible for some blockchains to work in current implementations.

The Coin Center organization, which is lobbying for the interests of the cryptocurrency industry, has already stated that it is a complete ban on the use of cryptocurrencies by American citizens and enterprises.

It’s couched as regulating but what it would be is an effective ban on American persons or businesses using open blockchain networks because it would require them to use it on a permissioned basis. It’s just a ban on a whole type of technology.
 

Peter Van Valkenburgh

Director of research, Coin Center

David Murray previously called for the creation of a new category of financial institutions to regulate the activities of cryptocurrency companies in accordance with the Bank Secrecy Act. Now it requires miners to fall within this definition.

Iran to Issue Over 1000 Mining Licenses

Amir Hossein Saeedi Naeini from Iranian ICT Guild Organization said that crypto mining industry attracts many in Iran
27 January 2020   166

Over the past six months, the Iranian Ministry of Industry has issued more than 1000 cryptocurrency mining licenses. This was announced by Amir Hossein Saeedi Naeini, representative of the ICT Guild Organization.

According to him, cryptocurrency mining is a new industry that attracts many in Iran. He noted that miners must obtain a license to work.

The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country. Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He believes that the cryptocurrency industry can help Iran's economy. However, he explained that the high cost of electricity is a serious problem for cryptocurrency miners.

High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He expressed the opinion that “the operating conditions in this industry should not be such that only large capitalists enter the cryptocurrency mining market but that all miners can operate.” He emphasized that changing electricity tariffs could stimulate the mining industry to generate more revenue.