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Texas Congressman calls for rational and balanced policies for digital currencies

The rise of digital currencies should not aid the activities of terrorists and criminals, Texas Congressman Roger Williams said recently.

According to CryptoCoinsNews, the comments come as an accompaniment to a hearing on “Virtual Currency: Financial Innovation and National Security Implications” held earlier this month in the House of Representatives. The hearing examined the national security implications of digital currencies and their use by terrorists.

Willams noted the potential of digital currencies to restructure existing financial system and offering new and exciting opportunities. However, he emphasized:

“[O]ur nation must ensure that the rise of digital currency, and its use within our borders, does not help aid the actions of terrorists, criminals, and others who want to hurt us…Unless we in Congress develop rational and balanced policies, we may be enabling the very terrorists who wish to destroy us.”

Williams pointed out that a number of leading digital currencies are not compliant with the Anti-Money Laundering (AML) and Know Your customer (KYC) requirements, which provides a “widely opened door for forces of evil to finance their terrible endeavors.” To that end, he outlined the important question of striking a balancing between protecting the country from terrorism and maintaining freedom and economic opportunities.

He concluded saying:

“Some in the digital currency world argue that digital finance requires a relaxation of these [AML/KYC] standards. This is absolutely incorrect.

“I encourage Congress to continue its efforts to study digital finance, and I am hopeful that, in the coming weeks, our focus will attend to the issue of AML/KYC compliance, highlighting those currencies that refuse to provide this safeguard, and examining and encouraging those who do.”

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