HMT Response

OpenConsultation

Digitalcurrencies:CallforInformation

Response

HMTreasury:https://www.gov.uk/government/consultations/digitalcurrenciescallforinformati

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Contents

https://www.gov.uk/government/consultations/digital-currencies-call-for-information/digital-currencies-call-for-informationhttps://www.gov.uk/government/consultations/digital-currencies-call-for-information/digital-currencies-call-for-information

Contents

Question11.1.Whatarethebenefitsofdigitalcurrencies?1.2.Howsignificantarethesebenefits?1.3.Howdothesebenefitsfalltodifferentgroupse.g.consumers,businesses,government,thewidereconomy?1.4.Howdothesebenefitsvaryaccordingtodifferentdigitalcurrencies?

Question2

2.1.ShouldthegovernmentintervenetosupportthedevelopmentandusageofdigitalcurrenciesandrelatedbusinessesandtechnologiesintheUK,ormaintainthestatusquo?2.2.Ifthegovernmentweretointervene,whatactionshouldittake?

Question3

3.1.Ifthegovernmentweretoregulatedigitalcurrencies,whichtypesofdigitalcurrencyshouldbecovered?3.2.Shoulditcreateabespokeregulatoryregime,orregulatethroughanexistingnational,Europeanorinternationalregime?3.3.Foreachoption:whataretheadvantagesanddisadvantages?3.4.Whatarethepossibleunintendedconsequences(forinstance,creatingabarriertoentryduetocompliancecosts)?

Question4

4.1.AretherecurrentlybarrierstodigitalcurrencybusinessessettingupintheUK?4.2.Ifso,whatarethey?

Question5

5.1.Whatarethepotentialbenefitsofthisdistributedledgertechnology?5.2.Howsignificantarethesebenefits?

Question6

6.1.Whatrisksdodigitalcurrenciesposetousers?6.2.Howsignificantaretheserisks?6.3.Howdotheserisksvaryaccordingtodifferentdigitalcurrencies?

Question7

7.1.Shouldthegovernmentintervenetoaddresstheserisks,ormaintainthestatusquo?7.2.Whataretheoutcomesoftakingnoaction?7.3.Wouldthemarketbeabletoaddresstheserisksitself?

Question8

8.1.Shouldthegovernmentregulatedigitalcurrenciestoprotectusers?8.2.Ifso,shoulditcreateabespokeregime,orregulatethroughanexistingnational,Europeanorinternationalregime?8.3.Foreachoption:whataretheadvantagesanddisadvantages?8.4.Whatarepossibleunintendedconsequences(forinstance,creatingabarriertoentryduetocompliancecosts)?

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8.5.Whatothermeanscouldthegovernmentusetomitigateuserdetrimentapartfromregulation?

Question9

9.1.Whatarethecrimerisksassociatedwithdigitalcurrencies?9.2.Howsignificantaretheserisks?9.3.Howdotheserisksvaryaccordingtodifferentdigitalcurrencies?

Question10

10.1.Shouldthegovernmentintervenetoaddresstheserisks,ormaintainthestatusquo?10.2Whataretheoutcomesoftakingnoaction?

Question11

11.1.Ifthegovernmentweretotakeactiontoaddresstherisksoffinancialcrime,shoulditintroduceregulation,oruseotherpowers?11.2.Ifthegovernmentweretointroduceregulation,shoulditcreateabespokeregime,orregulatethroughanexistingnational,Europeanorinternationalregime?11.3.Foreachoption:whataretheadvantagesanddisadvantages?Whatarepossibleunintendedconsequences(forinstance,creatingabarriertoentryduetocompliancecosts)?11.4.WhathasbeentheimpactofFinCENsdecisionintheUSAondigitalcurrencies?

Question12

12.1.Whatdifficultiescouldoccurwithdigitalcurrenciesandfinancialsanctions?

Question1313.1.Whatrisksdodigitalcurrenciesposetomonetaryandfinancialstability?13.2.Howsignificantaretheserisks?

Summary

SourcesSigned

Question 1

1.1. What are the benefits of digital currencies?

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A. Atrustlessmethodfortransferringassetcontrolthatrequiresminimalregulationasitisselfregulatedbyblockchaintechnology,nocentralisedcounterpartyorthirdpartytrustisrequired.

B. Aprogrammabletypeofmoney,meaningthatitcanbeintegratedtoamuchgreater

extentthanthetraditionalsystem.Thiscouldresultineconomicgrowthandnewbusinesstypes.

C. Newtypesofgamesandentertainmentsystemswillbeabletointegratebitcoinora

specificallydesigneddigitalcurrencyintotheirsystems.

D. Governmentfacilitiesandpublicserviceswillbeabletointegratethetechnologydirectlyintotheirsystems,enablingafaster,moresecure,moretransparentandreliablewaytotransact.

E. Apermanent,viewable,cryptographicrecord,forall,Alltransactionsarerecorded

publicallyforeverinthedistributedledger.

F. Nondiscriminatoryaccountissuance,whereallbusinesses/individualshavethesamerightsregardlessofsize,nation,race,gender,religion,etc.

G. Apushpaymentsystem.Unliketraditionaldebit/credit/directdebitpayment

mechanisms,thecustomerpushesthepaymenttothebusiness.ThiseliminatespotentialforfraudandIDtheft.

H. Amethodofwealthcreationthatcannotbeabusedbyarbitrarilychangingthegoal

posts,duetothedecentralisedmajorityagreementnature.

I. Awayforgovernments(orthirdparties)tonotbesubservienttoissuersandcreatorsofwealth.

J. Amethodtocreatewealth(throughanationalizedcoin)thatcanbeusedtoinvigorate

theeconomyandpushitbacktowardsrecovery.

K. DigitalcurrenciescanbeimplementedonMultisignatureplatforms.

L. Usingalternativecoins(e.g.anationalcoin),identificationtagsonemail,phoneorgovernmentcardonthecoinaddresswillhelpidentifytheusenationallyandinternationallywithregardstocorporations.

1.2. How significant are these benefits?

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A. Fewercostsforregulatorygovernanceduetolackofneedtocreateextensiveregulationssincethesystemregulatesitself.

B. Enablesnewtypesofbusinesses.Miners*,games,automatedtaxis,DACs,

C. Newdigitalcurrencyintegratedentertainmentsystemswillprovidearichercultureand

economicgrowthinjobsandindustry.

D. Emergingbusinessesarefundingthemselvesusingthesystem,notbythepublicorprivatesector,injectingwealthandgrowthintothelocalsystem.

E. Optimizationofexistingbusinesseswherechargeback/transactionfeesequatetolarge

percentagesoftheoverallcost,suchasgambling,software,smallonlinemerchants.

F. Thepotentialdifferentusageisuncharted.Forexample,Facebookwasnotrealiseduntilafter1995.Someoftheearlypotentialsarebeingrealisedintheformofmultisignatureplatforms,(colouredcoins?)

G. ThisremovestheburdenofPCIsecurity,anditisimpossibleforacarddataleak

whichputsthefinance,creditscoreandqualityoflifeofbothindividualsandbusinessesatrisk.

H. Bitcoin,oraspecificallycreatednationalcoin,is(orcanbe)mintedtocertain

specification.Hence,withapredictablemonetarybase,businessescanknowwithgreatercertaintysomefutureconditionsofthemarket.Thisenablesthemtobettereconomiseandefficientlyallocateresourcestheycontrol.

I. Noentityisresponsibleforissuance,thisallowsforfarlessregulatoryoversight,

meaningfarlessexpenditureforgovernmentstoworkinsuchanenvironment.

J. Governmentscanbackanationalcoinbyprovidingastronginfrastructureintocreatingaminingnetworkfortheirspecifiedcoin.Thiswouldalsoprovidesaidgovernmentwithtwoformsofincome.Theautomatedgeneratedwealthfromthesystem,andthepotentialtoallowotherstoinvestintothenationalminingnetwork.Thosecontributingtotheirnationalnetworkwouldalsoberewardedwiththiswealthgenerationwhichcanbeusedforeconomicgrowthandwouldgivethemacommitmenttotheirnationstate(seeHullcoin).

K. Multisignatureallowsusers,individualsandbusinesses,todoawaywithalotofextra

traditionalsecurityrequirements.Italsoallowsforfarlessregulatoryrequirements(andexpenditure)duetotheselfregulatingnatureofthetechnology.

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http://www.bbc.co.uk/news/uk-england-humber-26841238

L. Governmentsmaybeabletocollecttaxesandduesdirectlyfromthetransactionindecentralisedsystemswithatransparentledger,evenapplyspecificrulesonanationallycreatedcoin.Bitcoinisapseudonymoussystem,requiringtheusertoputinextratechnicalefforttobecomeanonymouswhilstusingit.However,asuseofsuchsystemsincrease,andpermeatetheprimaryeconomicsystems(thatis,thelargelyunregulated,orSystemDeconomies),theefficiencyoflegaleffortstoforcecompliancewithrespecttotaxationsystems(orsystemsofidentity)maydecline.Suchdevelopmentsareactuallyapositiveforcesocialandeconomicdevelopment.

Inlikemanner,traditionalgovernmentalsystems(baseduponthecorporationstatemodel)willfindmoretransparentandcosteffectiveusethatwillincreasepublictrustandinvolvementduetotheirinclusivity,availability,andopennature(concurrentwithdevelopingabilitiesofuserstoexchangecurrencyunitswithouttheinvolvementofathirdparty). Competitionbetweendecentralisedsystemswhichfunctionbothasamethodofspeechandforthepurposeoftransmittalofcurrencyrelatedinformationwillresultinpartfromaracetodevelopsystemsthatcan:

a. readilybeexchangedforgoods,services,orotherdecentralisedcurrencyunits,b. beinterchangeablewithtraditionalcurrencies(fiat)wherenecessary,b. gainbroadadoptionanduseonmobiledevices,c. beutilizedviasystemssuchasSMSorTVsignalsthatdonotrelyontheinternet,andd. provideinherentprivacyoranonymity.

Creationofsuchacoincanbebaseduponthepreexistingbitcoinnetwork,orcreatedasacomplementarycurrency.Eachoftheseprovidesjobsandbusinesses,someofwhicharefundedbythedigitalcurrencyinquestion,bearingnostrainonthetraditional,butactingasadditionalgrowthalongsideit.

1.3. How do these benefits fall to different groups e.g. consumers, businesses, government, the wider economy? Theywillenablefurthergrowthinbusinessesandjobs.Hence,injectingnewlycreatedwealthintotheeconomy.Itisstillverylargelyunrealisedwealthaspeopleinnovateanddevelopnewapplications.Growthinthisareawillalsoattractsimilarhighendtechbusinesseswhichwillintheirturnattractotherrelatedtypesofbusinesses.

1.4. How do these benefits vary according to different digital currencies?

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Understandingofalternativedigitalcurrenciesisstillveryunderdeveloped.Manyideasareasyetunthoughtof,andothersarequietlybeingworkedon.Someimplementationsmayincludeintegrationintoenergyproducinginfrastructure,suchassolarpanelroadsforawealthtoenergytransfer,asanalternativeforcleanenergy.OranRFIDchip,enablingawayforanindividualtoliterallycarryhiswealth(orapercentageofit)withinhisbody,andusingthetechnologytointeractwithdigitalcurrencyfriendlyenvironments.Thisprovidesthemostsecuremethodagainsttheft(astheftwouldrequiregrievousbodilyharm/mutilation,whichislesslikelythantheftofawallet/purse/phone).OrasasupplementtoDepartmentsofWorkandPensions.Wealthgenerationasdiscussedaboveandcurrentbenefitssupplementedinsuchafashioncouldrelievegovernmentofvastexpenditure.AlternativecoinsorthoseembeddedintheBitcoinblockchaincanimplementsmartcontracts,assistwithlegalsystems(justasjurydutyorlegalaid),orbeusedtoproveownershipofsecurities.Usedinanyofthesefashionscanrelievethegovernmentofvastexpenditureandstimulategrowth.Asafurtherexample,ifanapplicationofblockchaintechnologyisusedforsecuritiesthenitisfarmoretraceableandaccountablethanthecurrentsystem.Thereforeitwouldrequirelessexpenditureonmanagementandregulation.

Question 2

2.1. Should the government intervene to support the development and usage of digital currencies and related businesses and technologies in the UK, or maintain the status quo?

Yes,thegovernmentshouldintervenetosupportthedevelopmentandusage.However,thisinterventionshouldnotinvolvethedevelopmentandpromulgationofnewregulationsorlaws,butrather,shouldfocusonincentivisationforuseofvariouscurrencysystemswhileremovinglegalandotherbarrierstotheiradoption.

2.2. If the government were to intervene, what action should it take? Thegovernmentshouldencouragebankstoallowdigitalcurrencybasedbusinessestogainaccesstobusinessbankaccounts.Thereisnojustificationforcurrentexclusion,itiskeepingbusinessandjobsawayfromtheUK.

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http://www.solarroadways.com/intro.shtmlhttp://www.solarroadways.com/intro.shtmlhttp://www.ibtimes.co.uk/man-stores-bitcoin-chip-embedded-under-his-skin-1474276

Thefirstbankthatadoptswouldgainbenefits,anincreaseincustomersandincreasingtheircapitalasfundsflowedtowardsthem.WearelosinganetamountoftradefromtheeconomyeverydayduetothelackofUKbankinteraction,andtheamountlostwillonlyincreaseexponentiallyyearonyear.Thewealthgenerationlostcouldbeusedtohelprebuildoureconomy.Financialsupportcouldbegiventolocalgovernmentdigitalcurrencyprojects(suchasHullcoin).Suchprojectscouldbeusedtoenablecouncilstoinjectwealthbackintotheirlocalcommunities.

Question 3

3.1. If the government were to regulate digital currencies, which types of digital currency should be covered? Duetothedistributedopensourcenatureofdigitalcurrencynetworks,itisnotpossibletodirectlyregulatedigitalcurrencies,norwoulditbenecessary.However,youcanregulatethebusinessesinvolved.Thetypesofbusinessesinvolvedarealreadycoveredbymanyregulations(ICO,CompaniesHouse,HMRC,GamblingCompliance,TradingStandards).Itisnotablethatcontinuedattemptstoregulatedecentralizedprojectsthemselveswillonlyresultinanaccelerationoftherateatwhichpeopledepartfromcentralizedsystemsthatcanbeeffectivelyregulated.Amarketwhichrelieslargelyuponinstitutionalintermediaries,and/orreliesuponserversmanagedbyprivateserviceproviders,willultimatelybesubjectedtocensorship(includingseizureofresourcesbyavarietyofcorporationstateactorsclaimingtoexerciselegalauthority).Ontheotherhand,marketswhicharetrulypeertopeercannotbeeffectivelyregulated,andindeed,evenpriortotheadventoftheinternet,suchsystems(whichdidnotrelyuponinstitutionalintermediaries)inmostdevelopingcountriesfarandawayexceededtheeconomicactivityofregulatedmarkets. Totheextentthatregulationresultsincaptureandlogging(financialsurveillance)ofpeoplesidentitiesandthatregulationornewlawsresultincorporationstatemandatesforcapture(forcedseizurethroughtaxation)ofpersonalresources.Thishasledtoeconomicstagnationandpeoplewillincreasinglyseekoutnationsandusefinancialsystemsthatofferasmuchofthefreemarketaspossible.

3.2. Should it create a bespoke regulatory regime, or regulate through an existing national, European or international regime?

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Ifregulatoryendsaresought,thereshouldbecustommaderegulations.Thisisbecausethesystemgovernsitselfforthemostpart,andanoverlyheavyhandedapproachwouldinhibitinnovationandexcludetheburgeoninggrowthofaneweconomy.Notably,anyregulatoryregimeswillbecircumventedbydevelopmentandevolutionofdecentralisedsystemswhicharerapidlyanddynamicallychanging.Facebookstartedfromasharedapartment,manyprojectshavestartedfromanindividualsshedorsimilar.Ifweregulateweexclude,minimalregulationisadvisedasmentioned,thesystemregulatesitself.Thetechnologygivesrisetoalternativedigitalageverificationsystemsforindividuals.Thisopensupinternationaltradetoamuchlargeraudience,andgrowthofnationalandinternationaltradeequalsjobsandeconomicgrowth.WecannottakeanoverarchingapproachasdifferentnationshaveadopteddifferentapproachestowardsCryptocurrency.Somehavetakenapassivelyinclusiveapproach(theUK),whilstothershavetakenanactivelyexclusiveapproach,forcingbusinessestocloseorseekothernationstoestablishthemselvesin(theUS,inparticular,NewYork(Bitlicense).TheUKshouldtakeanactiveinclusiveapproach,othernationswilleventuallyadoptanactivelyinclusiveapproachandtheUKwilllosethechanceatbeingthegloballeaderinadoptioninthisemergingfinancialsector.

3.3. For each option: what are the advantages and disadvantages? TheadvantagesofcreatingaspecificregulatoryframeworkforCryptocurrencybusinessesareminimalatbestandnotworthwhile.Attractingspecialisedskilledworkers,businessopportunitiesandnewbusinesses,theUKwouldlikelyadoptasubstantialreductioninregulationandrelatedcosts,includingregulationsassociatedwithtaxation,andreplacementofsuchsystemswithvoluntary(optin/optout)systemswhichwillinspiregrowththroughcompetitionandtheneedtoinspireconfidencefromthepublic.OperatingunderaEuropeanorInternationalregimewouldconfusebusinessesandindividualsalike,asdifferentareashavetakenadifferentapproach,someveryheavyhanded,excludedbusinessesandforcingthisemergingtechnologyoutoftheirlocality.TheEuropeanregulatoryregime,ifminimalandtailoredtospecificallyreduceorremoveregulatoryobstaclescurrentlyinplace,wouldbebeneficialinthesensethattherewouldbeonesetofrulesfortheentirecontinentunlikeaconfusedsetofarulesasseenintheUS.TheUKcancapitaliseonthisbycreatinganideal(slowlydeveloped)framework,thatgrowsalongsidetheburgeoningindustrytocomplimentitandpromoteasustainableandpositivegrowth.

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Regulationwouldalsoentailcoststothegovernment,forcreation,managementandupkeep.Increasesinregulationwouldbeasunenforceableasregulationofbittorrents,andprobablymoreineffectiveastimegoeson.

3.4. What are the possible unintended consequences (for instance, creating a barrier to entry due to compliance costs)? Anyregulationwillcreateabarrier,themoreregulatorycriteriathereare,themorethebarrierswillimpedegrowthandattractivenessfortheUK.Tothepointofforcingindividualsandbusinesstotaketheirwealthandbusinesstoothercountriesorsystems.However,thebenefitsofminimizingorremovingregulationwillencouragebankstoprovidebusinessaccountstoCryptocurrencyrelatedbusinesses.Creationofregulationwillalsoentailcoststothegovernment,andmaintenancecoststoenforcesuchregulation.

Question 4

4.1. Are there currently barriers to digital currency businesses setting up in the UK? Yes.

4.2. If so, what are they? ItisimpossibleforanybitcoinrelatedbusinesstogetaUKbusinessbankaccount.Thismakesitnearlyimpossibleforbusinessestoseekoutfunding,asmostfundingmethodsrequirethebusinesstohaveabankaccounttodepositsaidfunds.Thishasledtopeopletradingwiththeirpersonalbankaccounts,andinsomecasesusingtheirpersonalaccountfortheirbusinessventure.Thishasculminatedwithbanksclosingnumerousbankaccountsovertheyears,statingthatpersonalaccountsarenottobeusedforbusinesspurposes.Whilstrefusingtogivethesamelegitimatepeoplebusinessaccounts.Themostcommonstatementfrombanksforrefusalofabusinessaccount,regardlessoffulfillingalltheirothercriteria,isthatbitcoinishighrisk.

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Nootherdefinitionorclarificationisgiven.Thishasalsomadefundingverydifficultfordigitalcurrencyrelatedbusinesses,forinthetraditionalsystemsuchbusinessesrequireabusinessbankaccounttoreceivefunding(fromgovernmentorprivateinvestors).Andtheycannotacquireabankaccount,thusmakingitverydifficultforthesebusinessventurestogrow.Therecent100millionfromthegovernmentforFinTechbusinesseshasbeengiventoSantandertomanage.Santanderalsorefuseanybitcoinrelatedbusinessesabusinessbankaccount.Thegovernmentcansidestepthisissuebydirectlyprovidingbusinessesinthissectorwithdigitalcurrencyfunding.AlleviatingsizablemanagementcostsandtherebymakingsurethatthefundsdogotothosethatneedthemtohelprestoretheeconomybygrowinganddevelopingFinTechbusinessesandprovidingjobs.

Question 5

5.1. What are the potential benefits of this distributed ledger technology? Thefullpotentialsareasyetunrealised.Blockchaintechnologyallowsfortrustlessexchangeofdigitalcontracts,ofwhichdigitalassetsareaform.Inotherwords,theyallowindividualstoconducttradeandcommercewithreducedcounterpartyriskand,inmostcases,withoutrequiringatrustedthirdparty.Someofthecurrentrealisedpotentialsinclude,smartcontracts,shares,automatedsystems,automatedcars,verificationsystems,identification,fastertransactions,includingmoreoftheworldspopulationinglobaltrade,inheritancesystems,moreinclusivepoliticalsystems(resultinginreverseapathyforthepoliticalclass,politicalinterestwillgrowinamoretransparentsystem).Accountabilityisoneofthefoundationstobuildingastrongdemocracy,butsystemsofaccountabilityshouldnotbeleftinthehandsofcorporationstates.Suchthingshavetraditionallylefttoregulatorybodiesandhumanspronetoerrororselfinterest(ascanbeattestedbythe2008LiborscandalsandtherecentongoingForExmanipulations).Wehavethepotentialwithblockchaintechnologytocreateatrulyinclusivedemocraticnation.

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5.2. How significant are these benefits? Inclusionofbillionsoftheworld'sunbankedpopulationintoaglobalfinancialmarketwouldcreateunfathomableglobalwealth,similartotheemergenceoftheindustrialeraandcomputertechnologythatallowedforawiderandlargeraudience.Theindustrialeraandemergenceofcomputertechnologyallowedfortheinclusionofmillionsandhundredsofmillionsrespectively.Inclusionintothedigitalfinancialerawillallowfortheadditionalparticipationofbillions.Cheaperfinancialtransactionwillgiveindividualsandbusinessmorewealthwhichwillinturncreatebusinessandeconomicgrowth,jobsandpotentialfornewinnovationfromthiswealth.Theinclusionofbillionsintotheglobalfinancialmarketwillallowartists,farmers,businesses,andmore,totradewithawideraudiencethanhaseverbeenknown.Theculturalimplicationscanalsonotbeunderstated.Aswiththeemergenceofglobaltradingviolentconflictsbecamelessduetotheimportanceofopentrade.Anincreaseinsuchtradeandculturaltransferenceleadstoagrowthofmutualunderstandingandimportancebeingplacedupontradeforthebenefitofall.Thisleadstomorediplomaticmeasuresbeingemployedintimesofturmoil,insteadofwar.Predictablemonetarysystemscanalsonotbeunderstated.Anopenpublicledgerisadreamforaccountancydepartmentsandapredictablesupplycanbeusedtocreatesupportivecurrenciesforgovernmentaldepartmentsornationstates.Suchpredictablemonetarysystemsalloweconomiccalculationstobeperformedwithmuchgreaterefficiency.

Question 6

6.1. What risks do digital currencies pose to users? Alternativecurrenciesthatarecreatedforthepurposeofenactingapump&dumpscheme(see6.3).Nomethodforcoinstobereturnedunlessthereceiversendsthefundsback(similarcasesofmoneylossoccurintraditionalbanking).Escrowservices,multisignatureandcontractsshouldbeemployedwheredisputemediationcouldberequiredinatransaction.

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6.2. How significant are these risks? Therisksarealmostidenticaltoanyotherbusinessorinstitution.Aswithanyscheme,regardlessofdenomination,individualsandbusinessesshouldalwaysdotheirduediligence.Thesignificanceoflossesdependsuponhowmuchtime,energy,andfunds,individualsplaceinanalternativedigitalcurrencyorbusiness.However,fundscanveryeasilybeobscuredandhiddeninthetraditionalbankingsystem,butduetotheopennatureofblockchainledgersthereislessriskthanthetraditionalsystem.Evenifdigitalcurrencyfundsarenotabletoberetrieved,theamountlostcaneasilybeseenbyallandequivalentassetscanbeseizedinacriminalsituationtoremedythosewholost.

6.3. How do these risks vary according to different digital currencies? Therearenumerousalternativedigitalcurrenciescomingintoexistence,somewithmerit,otherscreatedwithintentionalpump&dumpmentality.Meaningthattheyhypethealternativecointhroughsocialmedia(oftenexaggeratingthequalitiesofthealternativecoin),thensellofftheirownholdingsforaprofittothedetrimentofthepeoplebuyingthecoin.

Question 7

7.1. Should the government intervene to address these risks, or maintain the status quo? Thecorporationstates(otherwiseknownasgovernments)shouldformulatearesponsetoassistwiththedevelopmentandgrowthofthisemergingindustry,itshouldnotintervenewithadditionalregulation.Governmentcanprovideaninternaldepartmentthatcanassistwithinquiriesfromthepublicwithregardstobusinessesordigitalcurrencies.Selfregulatingbodiescanbeencouragedtobecreatedbyprovidingincentivestothecreationsuchorganisations.Governmentdepartment(asmentioned)canthensignpostpublicinquiriestospecificselfregulatingdigitalcurrencybodieswhenmoreadviceisrequired.

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Providingabusinessstandardandgovernmentaccreditationtoachievingthisstandardcouldbesupplied.Andsuchindividualorbusinessstandardscanbeprovidedbyselfregulatingbodies.

7.2. What are the outcomes of taking no action? Lesspublicinterestintheemergingdigitalsector,whichleavesthegeneralpublicathigherriskofcontinuedfraud,criminalactivityandblackmarketfundingconductedthroughthetraditionalbankingsystem.Whichisfarhigherandfareasierthroughthetraditional(moreanonymous)system.Alackofinterestinsupportinganynationaldigitalcurrencywhichcouldbeusedtostrengthenalocalisedornationaleconomy.

7.3. Would the market be able to address these risks itself? Yes,byprovidingselfregulatingbodiesofexpertsthathavetheexperienceandknowthesector.Suchbodiescanconstructbestpracticemodelsthatbusinessesandindividualscanadherethemselvesto,andnumerousselfregulatingbodiescanemergeinthisfashion,withthebestandmosttrusted(thosethatareadoptedbythemosttrustworthybusinesses)willprovidethesafestmeasureandstandards.Businessesandindividualswilladheretosuchpractices.Thoughitshouldbenotedthatnotallbusinessesandindividualswill,buteventhoughsomewillnot,theywillstilladoptwhattheyseeasthebestpracticesofsuchbusinessesandadoptselectedphilosophiesandstandardsintotheirpractices,therebyprovidingconsumerprotectionthemselves,atnocosttogovernment.

Question 8

8.1. Should the government regulate digital currencies to protect users? No.Digitalcurrencyisjustthefirstapplicationofblockchaintechnology,youcannotregulatedigitalcurrencywithoutregulatingblockchaintechnology,andregulatingblockchaintechnologywouldcreatelargebarrierstoinnovation,development,businesses,jobs,economicgrowth.

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8.2. If so, should it create a bespoke regime, or regulate through an existing national, European or international regime? Digitalcurrenciesshouldnotberegulated.Moreovertheycannotberegulated.

8.3. For each option: what are the advantages and disadvantages?

Therearenoadvantagestoregulatinginnovation.Ifthecreationanddevelopmentofdigitalcurrenciesisregulated,thenthiswillcreatebarrierstoinnovationandcreativity,exactlytheoppositeofaninclusivefriendlyFinTechenvironment.Anditwouldplacebarrierstothedevelopmentoffurtherapplicationsofblockchaintechnology.

8.4. What are possible unintended consequences (for instance, creating a barrier to entry due to compliance costs)? AttemptingtoregulatedigitalcurrencieswoulddestroytheinnovationanddriveCryptocurrenciesanddevelopmentundergroundandtoothercountries.EffectivelyforcingtheUKoutofthefutureoffinance.

8.5. What other means could the government use to mitigate user detriment apart from regulation? Thegovernmentcouldcreateaninternalbodythatthepublicandbusinessescanbringrelatedissuesto.Suchaninternalbodycouldthenseekremediestosaidproblemsviaalreadyexistingmethods,suchascontactingtherelevantlocalauthoritywithregardstotheissue.Standardsshouldnotbecreatedfordigitalcurrencycreation,asthiswoulddestroypotentialbeneficialapplications.

Question 9

9.1. What are the crime risks associated with digital currencies?

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Thesamecriminalactivitiesthatcanattributedtoanyotheriteminthemoneysector,suchasfiatcurrency,gold,preciousmetals.Mostoftheserisksarefarlesslikelywithdigitalcurrency,duetotheopennatureofthepublicblockchain.Thecrimerisksareassociatedwiththistypeofmoneyaresuchthingsasfraud,moneylaundering,theftandsimilar(thoughonalesserscaleduetothetransparenttraceablenatureofblockchaintechnology,see9.2).Somealternativedigitalcurrenciesarebeingcreatedthatdonotgiveanyutilitytotheusers,theyactaspumpanddumpschemes,wherethroughexcesspublicityandadvertisementusersareconvincedofthealternativecurrenciesmerit,onlytofindthemarketvalueofthatcurrencydropinvalueshortlyafterinitialIPOsandlaunches.Someofthesecurrenciesmayhaveveryvalidandpotentialuse,butareasyetremainunrealizedinthisveryearlymarket.Itisfareasierforacriminaltoacquiresomeonescredit/debitorbankdetailsandthensteal(pull)moneyfromtherelatedaccount.Thissimplycannotbedonewithdigitalcurrency(duetothepushmechanism).Ifanationstateadopteddigitalcurrency,itwouldseefarlesscriminalactivitiesthatareheavily,orsolely,associatedwithfiatcurrencies.Suchsavingsfromreducedfinancialcrimeandtaxationoflargecorporationsthatpracticetaxavoidancecanbeusedtofurtherreducerisks.

9.2. How significant are these risks? Duetotheopennatureofblockchaintechnologyandcryptocurrency,therisksarefarlesssignificantthananyoneoperatingsimilarcriminalmethodswithinthefiatsector.Thisisduetothenatureofallfiatcurrenciesandtheinaccessibilityfornationstatestofollowthetrailonfiatthroughmultipleassociatedbanks.Thisoftenleadstosuchthingsasmassivetaxavoidance(inthefiatworld)byhugecorporationsorverywealthyindividuals.Itisestimatedthatupto1trillionislostduetobigbusinesstaxavoidance,thisisfarmorethanalltheindividualstaxescombined.Suchfundscouldbeputtowardspromotionofdigitalcurrenciesandtherebyclaimingevenmorefundsfrombigbusinesstohelpregrowtheeconomy.Instancessuchasfraud,theftandsimilar,canandalreadyaregovernedbyexistingnationalandinternationallaw.Buttheywouldbehardertocommitduetothepushnatureofdigitalcurrencies.

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Thetraditionalsystemusesthepullmethodfortransactions.Meaningthatindividualsandbusinessespullmoneyfrompeoplesaccountswiththeirinformation.Thisleadstomassivefraud,theftandfundingofcriminalactivities(suchasterrorism).Withoutaccesstopull(traditional)accountscriminalactivities(suchasterroristfunding)willbefarlower.Digitalcurrenciesusethepushmethodfortransactions.Meaningthatindividualsandbusinessesaccountsareprotectedtoafarhigherdegree.Itbecomesimpossibleforsomeoneofcriminalintenttopullmoneyfromadigitalcurrencyaccount.Centralisedtraditionalaccountsarehightargetsforterroristorganisationsandothersimilarcriminalactivities.Stolencreditcardandbankdetailsseemtobearegularoccurrencethesedays,suchthingsdonotexistwithinthedigitalcurrencysector.Massadoptionofdigitalcurrencywillreducecriminalfunding,moneylaunderingandterrorismbydrasticallyhugedegrees.

9.3. How do these risks vary according to different digital currencies? Powerofthenetworkvariesfromdigitalcurrencytodigitalcurrency,thoughsomealternativecoinsbeingimplementedusethepoweroftheexistingbitcoinnetwork.Thiscanbeleveragedtobuildnewdigitalcurrenciesandotherapplicationsuponanalreadyexistingstrongnetwork.Nodigitalcurrencywilleverbeasanonymousasfiatcurrency.Fiatcurrenciesandtraditionalbankingsystemswillalwaysbethenumberonechoiceforcriminals.Differentdigitalcurrenciesmayactmoreanonymousbynature,butarestillsubjecttothebasicnecessitiesofelectronics(powersupply,network).Inthemostremoteregionsofcriminalactivity,suchinfrastructureisnotreadilyavailable.HencewhytheUSDandotherrelatedfiatcurrencieswillbeusedinstead.PrimarilytheUSDasitstandsastheworldsreservecurrencyforallthatentails.

Question 10

10.1. Should the government intervene to address these risks, or maintain the status quo?

Yes.Thegovernmentshouldintervenebyactivelyencouragingdigitalcurrencyinclusion,notpassivelyasitiscurrentlydoing.

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Passiveacknowledgmentsuchasproviding100milliontoabankthatrefusesdigitalcurrencyrelatedbusinessesandpromisingtoprovideanother100million(whichwillunfortunatelylikelygotoasimilarprovider)willdonothingforwelcomingindustry,providingjobsandgrowingtheeconomy.

10.2 What are the outcomes of taking no action?

IftheUKgovernmentcontinuestoactpassivelythenothercountriesthattakeproactiveactionfordigitalcurrencyinclusionwillreapthebenefitsofexpertsandbusinessesmovingtotheirnations.Innovationanddevelopmentwillhappenelsewhere,andthesystemremainingwithinthebankingsystemwillfindthatexperts,businesses,venturecapitalistsandotherrelatedfundingforanationsdevelopmentwillmigrateelsewhere.Anditwillallowcriminalsandbadactorstocontinuetodivertlargeamountsofmoniestowardscriminalactivities(fraud,moneylaundering,terrorism)throughthetraditionalsystem.Asoperatingwithinthetraditionalsystemisafarlargersourceoffinanceforsuchactors.

Question 11

11.1. If the government were to take action to address the risks of financial crime, should it introduce regulation, or use other powers? Regulationwouldstranglethebabyinthecribandforceinnovation,expertsandbusinessesawayfromtheUK.Currentstatutescoverfinancialcrime,theyaresuitabletoaddressanybadactorsinthesector.

11.2. If the government were to introduce regulation, should it create a bespoke regime, or regulate through an existing national, European or international regime? Ifthepurposeofintroducingregulationistoreducefinancialcrimessuchasfraud,anonymousextortion,moneylaunderingandterroristfinancingthentheregulationsshouldbeguidingpeopleoutofthetraditionalsystemintothefarmoretransparentselfregulatedsystemofdigitalcurrencies.Thebestcoursewillbetoremoveregulatorybarriersto

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decentralised,distributeddigitalcurrencydevelopmentnottocreatenewregulatorybarriers.Thecriminalactionsmentionedarenotonlyfarmoreprevalentinthetraditionalsector,theyarefarhardertocommitandeasiertodetectinthedigitalsector.Ifthepurposeistocatchbadactors,thesamestandstrue.Itisfareasiertotraceandobservethoseconductingmoneylaundering,financingterrorism,andsimilarthroughblockchaintechnologieswhichinvolveanopenandpublicledger,wheretransactionsarelinkable. Intheyearstocomefewerpeoplewillsticktousingonlyfiatandmorepeoplewilluseavariety(abasket)ofcurrenciesorcurrencysystems.Inthepast,onlypeoplewithspecialisedknowledgeandlicenseswereabletoeffectivelymanageanduseabasketofcurrencyapproach,butastimegoeson,moreandmorepeoplewillbeabletorapidlymanageandexchangeonecurrencyunitforanotherwithouttheinvolvementofanybusinessorganization(indeed,withoutanyintermediaryatall).Somemightsurmisethattheneedforsomuchextensiveregulationinthecurrenttraditionalsystemhascomeaboutbecausetheabilitytofraud,disrupt,abuseandrobthesystem,andthathasbecometheheritageofeachgeneration.AsrecentlymadepublicbyDavidCameronduringtheG20,thefinancialfuturefortheglobeandtheUKlooksbleak,thishasbeenknownforawhiletothoseinterestedinthesector.Theseproblemscanbesolvedwithoutcorporationstateregulationinthecontextofuseofdecentralised,distributeddigitalcurrencysystems.

11.3. For each option: what are the advantages and disadvantages? What are possible unintended consequences (for instance, creating a barrier to entry due to compliance costs)? Suchheavilyregulationisunderstandableinasystemthatisoftenabuseandfraughtwithfraud,theftandcriminalabuse.Similarextensiveregulationisnotneededwithinaselfregulatingsystem.Notonlydoesthesystemregulateitself,butthepeople,theusers,haveastrongselfinteresttoassistandregulateitself.Inadigitalcurrency,theusershavedirectaccessandresponsibilitytoregulate.Anabusivedigitalcurrencywillseeusersmigrateawayfromit,weakeningthenetworkanddestroyingthevalue.Thisisselfregulationofthemarketandignoresandforcesoutbadactors.

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Anationalcoinactinginthebestinterestofitspeoplecanstandtobecomeapillarofrespectandemergingwealth.Apersonsworkistransferredintoaunitofwealthwhichisoftenportrayedastheirrespectivenationalfiatdenomination.Recognizinganindividual'sworkandgivingittruevaluewillallowthatpersontofeedthiswealthbackintotheeconomy,givingvaluetotheirworkandtheirtime,andstrengtheningtheeconomy.Thereisalreadyprecedenceofmanipulationwithinthefiatsector(recentongoingForexinvestigations)andthe2008liborscandals,aswellastheaforementionedcontinuedtaxavoidancebybigbusiness.Suchactionshavedireconsequencesfortheglobaleconomyandonlyleadtoadetrimentofgrowthandwideningdisparityoftheequalitygap.Anotheradvantageofatransparentdecentralisedselfregulatingsystemisthereducedoccurrenceofsuchissues,becauseoftheaccountabilityandlesschancethatabadactorwouldparticipateinsuchendeavors,thisresultsfromtransparency.Transparencyanddecentralisationmeansthatifadigitalcurrencyisabusedtheusersofsuchacurrencywouldquicklystopusingitanditwouldloseitsvalue.Sotheactorsthatseektogainfromsuchmanipulationwouldsoonfindthattheiractionshavebeenfarmorecostlythanthegains.Suchmanipulationsanddistortionsinasectorasimportantasmoneyleadstocivilunrestandcasessuchasthe2013CyprusrunsandtherecentGreecegovernmentdebtcrisis.

11.4. What has been the impact of FinCENs decision in the USA on digital currencies? Theyhaveforcedbusinessestoclose,increasedjoblosseswhentherecouldhavebeenanetjobincrease,closedthedooroninnovation,andpushedallofthistoothercountries.Potentiallytheyhave,orwill(seeBitlicense),forcetheemergenceofnewwealthoutsideoftheircountry,asviableblockchaintechnologiescreatesustainablewealthstructures,injectingsaidwealthintotheacceptingeconomy.CountriessuchasChina,thathasbarredtraditionalfinancialsystemsfrominteractingwithdigitalcurrency,tothepointofonlyallowingbusinessesbankaccounts,havetakenwhatmaybenecessarystepstoavoidmanipulationoftheemergingmarkets.However,asthesimilarcaseinChina,banksintheUKneedtobeencouragedtoallowdigitalcurrencyrelatedbusinessestoopenbusinessaccounts.

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Question 12

12.1. What difficulties could occur with digital currencies and financial sanctions? Financialsanctionsareaverybadwaytoconductreprimandsagainstacountry.Theendresultsarethatthecivilianssuffer,itrarelyaffectsanyonewiththewealthandpowertosidestepsuchsanctions,andtheonesithardlyaffectsaretheonesthatitissupposedtotarget.Financialsanctionsonlyactasapretensetoactionagainsttheoneswhoaretrulyinpower.Thenatureofadecentralisedcurrencymeansthatanybadactorswithinasectormightfaceusersmovingawayfromtheircurrency.Thismovementawayfromacurrencyisatrueactofdemocraticfinancialsanctions.Suchsimilarcaseshaveoccurredthroughoutthebriefhistoryofbitcoin.Suchaswhenaminingcompanygetscloseto51%ofthehashingpowerusersmoveawayfromthecompany,resultinginfarlesshashingpowerandwhatcanbeasignificantdropinfundingforthebadactor.Thisistheresultofdemocraticfinancialsanctions,andthiscanoccurforavarietyofreasons,notjustbecauseofariseinhashingpower.Similarsituationswouldariseiftheentityinquestionwasfoundtobedoingthingsthatitsuserswerenothappywith.Thesetypesoffinancialsanctionsarefarmoreeffectiveandemployedfarquickerthancurrenttraditionalsanctions,whichasmentioned,rarelyaffecttheonesintendedandtendtoleavethecivilianpopulationastheonesthatsuffer.

Question 13

13.1. What risks do digital currencies pose to monetary and financial stability? Digitalcurrenciesaresubjecttorelativevolatility.Themoreliquidthemarket(themorefiat/capitalflowsintoit)thenthelessvolatileitwillbecome.Inamoreliquid(highercapital)marketdigitalcurrencieswouldprovidemorestabilitythancurrenteconomicandtraditionalsystems.Ofwhichthesesystemshaveledtoacontinueddeclineinglobaleconomicgrowthandinstabilitywhichhasbledintoallsectors.

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AsDavidCameronrecentlystatedandashasbeendiscussedwithintherecentParliamentarydebate(MoneyCreationandSociety),thecurrentmethodofthetrickledowntheoryimplementationhasnotworkedandwearenowfacingwhatmaybetheworsteconomicrecessionwehaveeverfaced.Inaprogrammablemonetarysystemwithaknownrateofsupplyandtotalunits,neweconomicformulaecanpotentiallybecreatedtoshapestabilitythroughpredictability.Thisisanunknowneconomicscience,butwithprogrammablepredictivemoneysuchexperimentationsbecomepossible.Neverbeforeinourknownhistoryhavewehadprogrammablemoneythatcanbedesignedandguidedbeforerelease.Andthoughdetractorsmayopinethelimitedsupplyasacauseforfuturemonetaryconcerns,thispremisewouldbemisleadingasbeingabletodesignaneconomicfoundationwithadefinitivesupplymayproveverybeneficial.Butitisearlydaysyet,andthescienceofthishasyettobestudiedproperly.Digitalcurrency,suchasbitcoinispotentiallyinfinitewithoutcausing(supply)inflationwhenthesupplyhasended.Whenextracurrencyisrequiredthesystemcansimplyallowformoredecimalplaces,thisdoesnotlowerthevalueofthesupplyinthesector,itmerelydividestheunitsfurther.Forexample,imagineapennythatwasdivisibletoinfinity.Ourcurrentfinancialsystemslowlyexcludeslowerdenominations,everbuildingtowardsanincreaseincostsandexpenditures.Digitalcurrencyslowlyincludesthelowerdenominations(increasingvaluetotherightofthedecimal).Thisallowsanincreaseinmonetarysupplywithouttheneedtocreateexcessiveamountsofcurrency.Fiatcurrenciesgenerallydonotdothis,whenmonetarysupplyisinflated,currentdenominationsareused,thetraditionalsystemdoesnotcreatesmallerdenominationssuchashalfpennies,orquarterpennies,orsmaller,toincreasesupply.Bypushinguparangeofassetprices,assetpurchaseshaveboostedthevalueofhouseholdsfinancialwealthheldoutsidepensionfunds,butholdingsareheavilyskewedwiththetop5%ofhouseholdsholding40%oftheseassets.~BankofEngland.Theadventofquantitativeeasingforthepurposesofassetpurchasinghasledtotheincreaseofexpenditurefortheaveragehouseholdasenergyandbasicneedssupplierspartlybasetheirfeesoninflation.Evenbeforequantitativeeasingbegan,welivedinaneraofchronicmonetaryinflation,unprecedentedintheindustrialage.Between1991and2009,themoneysupplyincreasedfourfold.Ittripledbetween1997and2010,from700billionto2.2trillion,andthatacceleratedintothecrisis.~StevenBaker(MP,Wycombe).

Contents

http://www.bankofengland.co.uk/publications/Documents/news/2012/nr073.pdfhttp://www.parliament.uk/business/publications/hansard/commons/todays-commons-debates/read/unknown/314/

Theglobalphenomenonofquantitativeeasingcanleadbankstoinvestingintheforexmarketfortheirownpurposes(seeforexrecentbankissues).Orthatfiatforgerycanbeusedforforeignmarketmanipulationorforcriminalabuse.Boththesecasescanleadtoinstabilitywithinthefinancialmarket.Counterfeitingfiatcurrenciesisaknowntacticintimesofwar,andisusedbycriminalminds.Suchforgeriescanhaveanaffectonstability,andareverylikelytobeusedformoneylaundering,terrorismandothersimilarcriminalactivities.Nationstatesmayonedaytradenationaldigitalcurrencieswitheachotherintheopenmarket,butallofthesedigitalcurrencieswillbevisibleforall,manipulationwillbeextremelydifficult,ifnotimpossible.Onchaindigitalcurrenciescannotbeforged,onlythroughacentralplatformdotheyhavethepossibilityofbeingmimicked,andtheseentitiescanbeheldaccountablethroughthetransparentnatureoftheblockchain(onlyonthedigitalcurrencyside).Toachievealevelofcontrol(thoughitisinadvisable),itispossiblethatanationstatemightconceiveofanationaldigitalcurrencyandinvestinmininghardwaretoapointthattheyhavemoredirectcontrolovertheirparticularnationalcurrency. However,thisstatefundednetworkwouldbecompeting(iftryingtokeepcentralcontrol)orstrengthened(iffollowingthedecentralisedethos)byindividualsandbusinessesthatalsobackthenationalcurrency.Possiblybecauseofnationalprideorsomesortoftaxorfinancialincentives.

13.2. How significant are these risks? Therisksofcontinueduseoffiatcurrenciescomparedtousingdigitalcurrenciesissignificant.Forgeriesreplicatingfiatdenominationsarebecomingmoreproficientastechnologyadvances.Thisisaproblemthatislikelytoonlyincreaseandthedifferencebetweenforgeriesandlegitimatebecomehardertodetect,especiallymoresoasamajorityofmoneycreation(QuantitativeEasing)isnowdonebyenteringthenumericalamountsonacomputer.Asmentionedabove,economicwarswithforgeriesisknown,onchaindigitalcurrenciescannotbeforged.Theonlypossibilitywouldbetospendexcessiveamountsoffundstobuildtowardsa51%attack.Theattackerswouldonlyhaveoneshotandwouldonlybeabletoreversetheirowntransactionorblockothers.Afterthisinitialattacktheusersofthedigitalcurrencycouldeasilyforkthenetworkrenderingtheattackershardware(andassociatedexpenditureandgains)uselessand/ormigratetoasimilaralternativedigitalcurrency.

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Theresonlyacouplethingssomeonewith51%ofthenetworkhashratecoulddo.Theycouldpreventtransactionsoftheirchoosingfromgaininganyconfirmations,thusmakingtheminvalid,potentiallypreventingpeoplefromsendingBitcoinsbetweenaddresses.Theycouldalsoreversetransactionstheysendduringthetimetheyareincontrol(allowingdoublespendtransactions),andtheycouldpotentiallypreventotherminersfromfindinganyblocksforashortperiodoftimeTheycouldntreversetransactionsfromlongago,createnewcoinsoutofthinair(besidesthroughregularmining),orstealcoinsfromotherpeopleswallets.~LearnCryptography.

Summary Wedonotproposeanyimmediateorshorttermmovetoanationaldigitalcurrency,butsuggestthateconomicdigitalcurrencysciencemightlookatthepossibilityofacomplementarynationaldigitalcurrencyinyearstocomewhenthissectorhasdevelopedfurther.Weproposethatdigitalcurrencydoesnotrequireasextensiveregulationasthetraditionalsystem.Asthoughregulationmayberequiredforthetraditionalsector(andpossiblymoresoasdiscussedinParliamentonthe20thNovember),digitalcurrencyselfregulatesandisfarmoretransparent.Minimization(reductionorremoval)ofregulationisasensiblelegislativeorregulatorycourseasitregulatesitselfinthefreemarket,removalofsuchbarriersasacquiringabankaccountforbusinessesandfundingviatheseaccountsordirectlyfromgovernmentasdigitalcurrency(bypassingthebarrier)isessentialiftheUKwishestostaytheglobalfinancialleader.Thatmostfinancialandcriminalrisksarenegligiblerelativetothetraditionalsector.Bankscontinuetorefusedigitalcurrencyrelatedbusinesses.Notjustlending,buteventhebasicfacilitiesofallowingbusinessaccountstoworkfrom.Governmentshouldfindawaytoencouragebankstoallowbitcoinrelatedbusinessestooperatewithoutprejudice,orshouldfundemergingFinTechandrelatedstartupsandyoungbusinessesthroughdigitalcurrencyitself.Weareinthedigitalagenow,wemustallowinnovation,businesses,jobs,growth,andmoveforward,orwewillbestuckinthepast.Thecountriesaroundtheglobeareallmovingtowardsdigitalcurrency,whichevernationtakesthefirstnecessarystepswillverylikelybethenextfinancialleader.

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http://learncryptography.com/51-attack/

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Contents

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Signed JoelDalais (IBWT,DigitalCurrencyExchange) [email protected] (Cryptocurrencyconsultant) [email protected] (Mimex,DigitalCurrencyExchange) [email protected] [email protected] [email protected] MatthewHolt (Cryptocurrencyadvocate) [email protected] NilamDoctor (GreenCoin,MultiSigX) [email protected] (WheretoSpendBitcoinsUK) [email protected] (SatoshiPointOperationsDirector) [email protected]

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