A decade is a nice, round number — a convenient marker for what has come and what is coming. We as humans tend to measure our lives in decades, referring to ourselves as children of the ’60s, perhaps, or pining wistfully for the synthesized pop sounds of the ’80s. In payments, 10 years is a long time — where everything can change, and where once fanciful notions can become ubiquitous new ways of transacting. […]

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See how easy it is to pay with Bitcoin Cash at Darwinos Burger Joint, next to the Venezuelan border in Cucuta, Colombia. #BCH #BitcoinIsCashhttps://t.co/1Nnmse7lqm pic.twitter.com/dwCiz4UEqa

— Bitcoin (@Bitcoin) April 19, 2019

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All Global Crypto Exchanges Must Now Share Customer Data, FATF Rules A powerful intergovernmental organization devoted to combating money laundering and terrorism financing has finalized its recommendations on regulating cryptocurrencies for its 37 member countries. As expected, the Financial Action Task Force (FATF) standards released Friday include a controversial requirement that “virtual asset service providers” (VASPs), including #crypto #exchanges, pass information about their customers to one another when transferring funds between firms. The final recommendation makes official the contentious part of FATF’s February proposal, saying countries should make sure that when crypto businesses send money, they: “… obtain and hold required and accurate originator [sender] information and required beneficiary [receipient] information and submit the information to beneficiary institutions … if any. Further, countries should ensure that beneficiary institutions … obtain and hold required (not necessarily accurate) originator information and required and accurate beneficiary information …” Under the new guidance, the required information for each transfer includes: (i) originator’s name (i.e., the sending customer); (ii) originator’s account number where such an account is used to process the transaction (e.g., the VA wallet); (iii) originator’s physical (geographical) address, or national identity number, or customer identification number (i.e., not a transaction number) that uniquely identifies the originator to the ordering institution, or date and place of birth; (iv) beneficiary’s name; and (v) beneficiary account number where such an account is used to process the transaction (e.g., the VA wallet). Calling the “threat of criminal and terrorist misuse of virtual assets” a “serious and urgent” issue, FATF said in a public statement that it will give countries 12 months to adopt the guidelines, with a review set for June 2020. The so-called travel rule is a longstanding requirement for international banks when sending each other #money on customers’ behalf. #bitcoininfo #bitcoinnews

A post shared by 𝕆𝕗𝕗𝕚𝕔𝕚𝕒𝕝𝕤 𝔹𝕚𝕥𝕔𝕠𝕚𝕟 ℙ𝕒𝕘𝕖 🌐 (@bitcoin.info) on Jun 22, 2019 at 3:31am PDT