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Aten Coin’s NAC Offers Support for US Blockchain Bill

Source: bitcoin

Aten Coin NAC

NAC, the organization behind the “first-generation compliant digital currency” Aten Coin, has come out in support of the recent United States House Resolution 835, which proposes national policy to promote “alternative non-fiat currencies.”

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House Resolution 835 was recently proposed by Representative Adam Kinzinger (R-IL), who wants to craft a national regulatory framework to support the growth and development of blockchain technology.

Kinzinger was first elected to Congress in 2010 after a career in the United States Air Force.

“Emerging payment options, including alternative non-fiat currencies,” the Resolution’s preamble states, “are leveraging technology to improve security through increased transparency and verifiable trust mechanisms.”

These innovations, says the Resolution, can “supplant decades old payment technology deployed by traditional financial institutions.”

Throwing the NAC’s support for the bill into the ring, CEO Marcus Andrade says that “this Resolution will benefit both the consumer and commercial sectors very positively.”

“With the incredible upsurge of mobile device use and access to broadband technology this market needs to be educated and protected by its country,” Andrade continues.

Important points in Resolution 835 include:

  • Protect the online assets and personal information of consumer through their connected devices via cybersecurity measures
  • Foster future economic growth and create new markets
  • Develop alternative technologies that support transparency, security and authentication
  • Recognize technology experts in the United States who develop consumer-facing technology applications for manufacturing, automobiles, telecom, tourism, healthcare, energy and general commerce.
  • Request for technology innovators to improve the quality of life for future generations by developing safe, new technology that is aimed at improving a consumer’s access to commerce.

About NAC and the Aten Coin

Headquartered in Las Vegas, Nevada, National Aten Coin (NAC) is the creator of the Aten Coin, a form of virtual and electronic money. The NAC utilizes proprietary cryptography techniques to secure communications and to regulate and manage its currency. The company strictly adheres to an Anti-Money Laundering (AML) control system that meticulously track customer identities and recordkeeping requirements. Additionally, NAC’s Proof-of-Stake v2 method secures all peer-to-peer electronic cash system (digital-currency) transactions by verifying their coin holders’ ownership.

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Aten Coin’s NAC Offers Support for US Blockchain Bill

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Aten Coin to Hold Conference on Digital Currency Compliance

Source: bitcoin

Aten Coin

Aten Coin, the “KYC/AML compliant digital currency,” is holding its 3rd conference in Chicago on May 27, 2016 at the IIT Chicago-Kent College of Law.

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Aten Coin: A Compliant Digital Currency?

The title of the conference is “Beyond Bitcoin: Privacy, Money, Crime, and a Better Digital Currency.” As the title suggests, the conference will focus on the crime-related problems associated with Bitcoin, and how Aten Coin can bring digital currency into compliance with criminal and financial laws. The conference website also states that it will address the privacy concerns raised when dealing with a digital currency designed to prevent criminal activity.

According to the website, “What Aten Coin offers is good for controlling money laundering, but raises concerns about privacy. The conflict reflects the dual nature of financial regulation.” The website continues, “Anti-money-laundering and counter-terrorism law require identifying parties in financial transactions and filing reports on suspicious activity, but privacy regulations restrict the disclosure of personally identifying information.” Questioning the ability of digital currency to reconcile this conflict, the conference organizers ask, “Can we realize the gains from digital currencies in a coherent system of regulation that respects privacy while also taking adequate steps to [sic] against money laundering and terrorism?”

The conference will feature three panel discussions, which will come after an overview of the main issues to be addressed.

From the website regarding the three panel discussions:

(1) Money Laundering and Digital Currency will examine the current money laundering issues posed by the use of digital currency.

(2) Reaping Benefits, Respecting Privacy considers whether and how we can combine combatting money laundering with adequate respect for privacy.

(3) Securing Digital Currency examines technological requirements, psychological effects, and legal issues involved in providing adequate security for digital currency. The program concludes with an assessment of the extent that Aten Coin meets the challenges the previous sessions have identified.

In addition to the three main panels, the website provides the following timeline for the conference:

  • 8:45 AM-9:45 AM: Registration
  • 9:45 AM-10:00 AM: Welcome
  • 10:00 AM-10:30 AM: The Bank Secrecy Act, Money Laundering, and Digital Currency with Joseph Silvia, Senior Counsel Locke Lord, Chicago
  • 10:30 AM-11:30 AM: Panel — Digital Currency: Enforcement Needs and Issues
  • 11:30 AM-11:45 AM: Break
  • 11:45 AM-12:15 PM: Digital Currency vs Regulated Security with John Fahy, Whitaker Chalk Swindle & Shwartz PLLC
  • 12:15 PM-1:45 PM: Lunch
  • 1:45 PM-3:00 PM: Privacy/Security Tradeoffs with:
    • Ian Schick, Pillsbury Law
    • Martin Mushkin, Law Office of Martin Mushkin
    • Richard Warner, Professor, Chicago-Kent College of Law
  • 3:00 PM-3:30 PM: Break
  • 3:30-4:00: Can Aten Coin Meet the challenges? With Konrad Bojar, NAC Foundation
  • 4:00 PM: Reception

Aten Coin was designed with regulatory compliance in mind. According to the official Aten Coin website, the digital currency has the following “regulatory features”:

  • US Patriot Act compliant
  • Anti-Money Laundering compliant
  • Know Your Customer compliant
  • Bank Secrecy Act compliant
  • US Office of Foreign Assets Control compliant
  • “Also compliant with many worldwide regulating requirements”

The Aten Coin conference is hosted by the Aten Coin Foundation in partnership with the IIT Chicago-Kent College of Law and its Office of Continuing Legal Education. Chicago-Kent students can earn up to 5.5 hours of general IL MCLE credit for attending the event. Additionally, admission to the conference is free, and is open to the public.

Are you attending the Aten Coin conference? Let us know in the comments below!

Images courtesy of Aten Coin.


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Aten Coin to Hold Conference on Digital Currency Compliance