“A user must declare their residence, present two pieces of government-issued identification, and submit to either a fingerprint, face, or iris scan in order to get certified.”
A new, biometrics-based cryptocurrency is now available for purchase.
Called AML BitCoin, it was created by NAC Foundation, which says it’s the first cryptocurrency to comply with Know Your Customer and Anti-Money Laundering requirements including those laid out in The PATRIOT Act. That’s largely thanks to its use of biometric identification of end users, who must confirm their identities to be approved for an AML BitCoin digital wallet: A user must declare their residence, present two pieces of government-issued identification, and submit to either a fingerprint, face, or iris scan in order to get certified. From there, biometric authentication will be required each time the users accesses the AML BitCoin mobile wallet.
Two and a half million AML BitCoins, or “AMLBits”, have already been purchased in a private sale, and NAC Foundation says there are now 76 million more available to the public through its Initial Coin Offering (ICO). That’s being organized through ICOBox, and the companies say that any form of traditional currency can be used to purchase the cryptocurrency, with a transaction fee of one percent.
The AMLBits are available for purchase first as ‘AML Tokens’, which will then be converted into AML BitCoins on a 1:1 ration once NAC Foundation “has activated the cryptocurrency’s features,” according to a statement from the firm.