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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."

9 of 111 comments (clear)

  1. they must hate cash, too by TheGratefulNet · · Score: 5, Insightful

    since that's the ultimate anon payment system.

    of course, we know what's going on. they hate having to compete against another company.

    poor babies!

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    "It is now safe to switch off your computer."
    1. Re:they must hate cash, too by Anonymous Coward · · Score: 0, Insightful

      Yes, they hate cash, its their biggest competitor. Also, strangely, bitcoin is not a company. So thanks for all the super deep insight you've shared about the payments industry..

    2. Re:they must hate cash, too by Impy+the+Impiuos+Imp · · Score: 3, Insightful

      Exactly. One of the benefits of a cash is anonymous transactions, one of the rights people reserve unto themselves.

      Making everything electronic so government can track it is just another sad cog in the panopticon the government is building, a precursor to a 1984-like dictatorship.

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      (-1: Post disagrees with my already-settled worldview) is not a valid mod option.
    3. Re:they must hate cash, too by mjwx · · Score: 3, Insightful

      since that's the ultimate anon payment system.

      of course, we know what's going on. they hate having to compete against another company.

      poor babies!

      They absolutely hate cash... but seeing as the same forces who issue cash also grant them license to operate, they cant do jack shit about it.

      But Bitcoin... there's people they can sue.

      Seriously, if it were legal for MasterCard to punish businesses who accept cash, they would.

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      Calling someone a "hater" only means you can not rationally rebut their argument.
    4. Re:they must hate cash, too by witherstaff · · Score: 3, Insightful

      They already do try to punish businesses for accepting cash. They require merchants to suck up the cost of accepting Credit cards and not allowing a company to charge more to cover the credit card merchant fees. Of course 'cash discounts' can be done but that's uncommon. Most places just suck up the %3 as part of the cost of business so anyone paying cash does essentially pay more.

  2. I agree by Charliemopps · · Score: 5, Insightful

    . "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."

    For the first time in my life I totally agree with the credit card industry!
    Mastercard, please immediately start providing anonymous transaction services so we can level this playing field ASAP!

    1. Re:I agree by e065c8515d206cb0e190 · · Score: 1, Insightful

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

    2. Re:I agree by bloodhawk · · Score: 3, Insightful

      transaction reporting requires you to be able to identify both parties, not just report a transaction took place.

  3. Wait, a level playing field? by Anonymous Coward · · Score: 5, Insightful

    I don't hear them complaining when it's tilted their way.

    18-21% and higher interest rates? Obscene late fees on top the the obscene interest rate?

    Yeah, I don't feel sorry for them. Not even a little bit.