“Designed to be not transparent” Really?

William Suberg , in CoinTelegraph, has reported an interview on CNBC.

In it, he quotes Bank of America (BoA) as reiterating its decision to stop customers buying Bitcoin with its credit cards. The bank’s official called cryptocurrency “troubling,” according to CNBC.

BoA’s CTO Kathy Bessant described cryptocurrencies as “troubling” and as being  “designed to be not transparent” and thus hinder banks’ attempts to catch “bad guys.”

“As a payment system, I think it’s troubling, because the foundation of the banking system is on the transparency between the sender and the receiver, and cryptocurrency is designed to be nothing of the sort, in fact [it’s] designed to be not transparent,” she told the program.

For Bessant, cryptocurrencies still represent the opposite of financial transparency.

“The way we sort of quote-unquote “catch bad guys” is by being transparent in the financial moment of money. Cryptos is the antithesis of that,” she added.

So there you have it. The Banks don’t like cryptocurrency because (as above in bold) there isn’t the transparency between sender and receiver. And guess what, if you know that, you can tax them.

We at Scotcoin have long said that Crypto and digital currencies would become regulated. That is what we have been working on for over two years and despite everyone telling us they “couldn’t” be and “wouldn’t” be, we now find ourselves at the very cutting edge of where this world is.

You can see in our other posts how much better we are going to be than Bitcoin. We look forward with confidence to this Brave New World.