Wallets possibly going to be published…

 In News

The U.S. Treasury Department is thinking about posting wallet addresses and the peoples names of whom they forbid citizens from being able to do business.

In a meeting that took place on March 19 update to its FAQ on sanctions compliance, the Office of Foreign Assets Control stated that cryptocurrencies are treated the same as fiat currencies. They went on to say that when it comes to Specially Designated Nationals – a list of people affiliated with the governments of sanctioned nations, terrorist organizations or narcotics trafficking.

“To strengthen our efforts to combat the illicit use of digital currency transactions under our existing authorities, OFAC may include as identifiers on the SDN List specific digital currency addresses associated with blocked persons,” the agency said.

They believe that if they do that it would alert everyone of specific digital currency identifiers associated with a blocked person. The regulator stated:

“Parties who identify digital currency identifiers or wallets that they believe are owned by, or otherwise associated with, an SDN and hold such property should take the necessary steps to block the relevant digital currency and file a report with OFAC that includes information about the wallet’s or address’s ownership, and any other relevant details.”

OFAC even indicated there would be a field on the SDN list for digital currency addresses, with room for up to 256 alphanumeric characters and the name or ticker of the currency (it listed as examples bitcoin, ether, litecoin, neo, dash, XRP, iota, monero and Venezuela’s petro).

Marco Santori, who is the president of blockchain.com said it is good news for bitcoin. He did state that this may push people to using Z Cash and other privacy coins. OFAC will not be able to ID privacy coins.



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