Tuesday, May 28, 2024

US Treasury announcement: ECC’s engagement on coverage for financial freedom

In the present day it was introduced america Treasury imposed sanctions on digital foreign money mixer Twister Money, including it to the OFAC (Workplace of Overseas Property Management) SDN listing, the listing of Specifically Designated Nationals with whom Individuals and American companies aren’t allowed to transact.

We agree with our companions at Coin Heart and Blockchain Affiliation that there are considerations about how right now’s announcement impacts the civil liberties of United States residents. We’re following developments intently and stay up for persevering with our ongoing and productive conversations with regulators and policymakers on behalf of Zcash.

Our mission at Electrical Coin Co. (ECC) is to empower financial freedom, and to that finish, we contribute to and assist a good, open foreign money to guard the liberty, dignity, consent, and safety of individuals everywhere in the world.

Wise coverage steering and schooling are on the core of our work with socio-political stakeholders, and ECC advocates that privateness is important for private, enterprise, and nationwide safety. Our companion community in these endeavors consists of assume tanks, tutorial analysis facilities, and nonprofits that present thought management and advocacy for points that have an effect on Zcash customers.

Zcash is compliant and totally appropriate with international AML/CFT requirements, together with all closing FATF suggestions, the European Union’s Fifth Anti-Cash Laundering Directive, and america’ Anti-Cash Laundering laws. It’s authorised by the New York State Division of Monetary Providers (NYDFS), a key requirement for itemizing on main exchanges, like Gemini and Coinbase.

In 2020, ECC commissioned the RAND Company to conduct analysis into Zcash utilization for illicit functions. The analysis revealed no proof of any substantive use of Zcash for cash laundering, terrorism financing or commerce in illicit items and providers. The report additionally discovered, “the governance of Zcash and its branding as compliant with the related AML/CFT laws might make it much less inclined to exploitation for illicit or legal functions.”

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