Things are only getting more confusing in the world of cryptocurrency. As if three different versions of Bitcoin in the top 10 weren’t sufficient, we may soon see AML Bitcoin make its mark as well. More specifically, this currency is getting listed on the HitBTC exchange, which is also the first major exchange openly supporting AML Bitcoin in an official capacity. At this rate, we may very well see five or six different currencies with Bitcoin in their names dominating the rankings.
We have touched upon the concept of AML Bitcoin in the past. This “brand” of Bitcoin is not a hard fork or an airdrop by any means. Instead, it is a completely different project which focuses on AML and KYC compliance at the protocol level. This makes it very different from the Bitcoin we know today. How the world will respond to this particular version of the cryptocurrency remains to be determined.
It is safe to say we will know the answer to this question very soon. While AML Bitcoin has been in development for quite some time now, the currency has yet to commence public trading. That will be facilitated by HitBTC starting on December 15. HitBTC is the first exchange to publicly list this currency, and it is taking somewhat of a gamble in doing so.
For his part, HitBTC CPO Paul Clarkson thinks AML Bitcoin will make a positive impact. The currency’s focus is on compliance and biometric identification first and foremost, which is not necessarily something one would associate with cryptocurrency. Moreover, its technology relating to anti-money laundering and Know Your Customer compliance is pretty unique in the world of digital money. However, it remains to be seen how well this currency will hold up when it is put through its paces. Some entities will certainly see the added value in this currency, but others might oppose it.
With HitBTC becoming the first public exchange to list this new cryptocurrency, an interesting precedent has been set. It remains to be seen if any other major exchanges will follow suit, as AML Bitcoin will be an altcoin for all intents and purposes. However, the appeal of a fully compliant form of cryptocurrency at the protocol level may herald some intriguing changes for the cryptocurrency sector as a whole.
What is pretty much guaranteed is that AML Bitcoin will not dethrone Bitcoin as the world’s leading cryptocurrency anytime soon. However, it may very well end up among the top 10 cryptocurrencies ranked by market capitalization, depending on how much interest there is in this currency. HitBTC is not exactly the most popular exchange platform either, but it does see significant daily turnover regardless.
It is evident that this new currency may attract a lot of attention from governments all over the world first and foremost. It is not necessarily a currency designed for speculative purposes, nor is it something cryptocurrency diehards will be happy with. Only time will tell if there is a place for AML Bitcoin in the world of virtual money, although it seems safe to assume this currency will find its niche sooner or later. If nothing else, the new currency will create more diversification strategies in the future, which can only be considered a good thing.
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