Bitlicensing and CryptoNote

General discussion of CryptoNote and the future world

Bitlicensing and CryptoNote

Postby RedSnapper » Mon Aug 11, 2014 9:42 am

If the Bitlicensing was signed into law all around the west countries how it would affect CryptoNote? Considering that the whole idea of the technology was built on top of the anonymous transactions feature.
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Re: Bitlicensing and CryptoNote

Postby MaxJameson » Mon Aug 11, 2014 10:36 am

On the one hand, CryptoNote was designed to provide users with the highest level of privacy protection. Due to the ring signatures technology all CryptoNote transactions are untraceable and unlinkable. Therefore it's impossible to identify whether the funds have been sent or received.

On the other hand, if the regulators would require submitting financial reports on CryptoNote-based currency operations, the businesses would be able to do so. CryptoNote allows any party to perform transparent financial operations without de-anonymizing the other involved parties.
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