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MasterCard Rails Against Bitcoin's (Semi-)Anonymity

Posted by Soulskill on from the we're-mad-because-we're-slow dept.

angry tapir writes: MasterCard has used a submission (PDF) to an Australian Senate inquiry to argue for financial regulators to move against the pseudonymity of digital currencies such as Bitcoin. "Any regulation adopted in Australia should address the anonymity that digital currency provides to each party in a transaction," the company's told the inquiry into digital currencies. MasterCard believes that "all participants in the payments system that provide similar services to consumers should be regulated in the same way to achieve a level playing field for all."

2 of 111 comments (clear)

  1. Re:Wait, a level playing field? by Anonymous Coward · · Score: 2, Informative

    Look up transaction fee. Visa/Mastercard name is not free. They get a cut from each transaction done.

    Smaller retailers refuse to swipe a card if it is less than a particular amount. Because that fee eats their margin.

  2. Re:I agree by bloodhawk · · Score: 5, Informative

    I'm sure they would like to, but they can't. Have you heard of something called financial regulations?

    Can you cite a financial regulation that prohibits anonymous financial transactions? Since cash, bitcoin, and anonymous prepaid debit cards are all legal, I doubt if any such regulation exists.

    I can, In Australia it is the financial transactions reporting ACT, meant to prevent money laundering and it is imposed on all financial institutions. As I understand it many other countries have similar financial regulations for both money laundering and "terrorism" finance tracking. It kicks in at various amounts.