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   207

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.

Argo Blockchain to Implement 1000 New Miners

It is worth noting that Argo Blockchain shares are traded on the London Stock Exchange
20 September 2019   79

Argo Blockchain, a British mining company, has installed 1,000 new ASIC miners. Now the company has 6,000 devices.

According to the Proactiveinvestors portal, over the next two quarters, the company will acquire another 6,000 bitcoin miners.

Argo Blockchain shares are traded on the London Stock Exchange (LSE). Against the backdrop of a bullish rally of bitcoin, this year they grew by 193% - from £ 3.2 in early April to £ 9.5.

In the second quarter financial report, the firm reported a substantial increase in revenue. Its representatives are also interested in placing a farm on 2500 devices in the Canadian province of Quebec.

On September 19, the total computing power of the bitcoin network crossed the line of 100 EH / s.