The FATF has released meeting notes hinting at an upcoming report on recommendations for business compliance with the travel rule and “non-hosted wallets”.
The below is a direct excerpt from Marty’s Bent Issue #1229: “A new FATF report is due at the end of the month.” Subscribe to the newsletter here.
Our favorite unelected supranational organization is back with a wake-up call. Four days ago, the Financial Action Task Force (FATF) released meeting notes of the newest congregation of faceless demons who believe they have the power to decide how billions of humans can trade with each other in the digital age. As you can see in the excerpt above, it looks like the FATF will be releasing a new report to update the world on the status of compliance with their arbitrary rules. Make a point to highlight those who are not moving at an acceptable pace to implement draconian oversight requirements on any business that touches bitcoin.
Worse still, the concept of “non-hosted wallets” is still relevant and the report will provide a brief update on “emerging risks and market developments that the FATF continues to monitor”. In other words, they will smear the concept of individuals creating and controlling their own private keys. The unelected overlords really don’t like the idea of the common man controlling his money without the nanny state being able to see everything he does.
I imagine this “brief update” will set the stage for a full narrative assault on private key ownership by individuals. They will likely state that people holding their own keys pose a high risk of criminal activity that may prove too high to even allow the practice in the first place. Then they will likely recommend the development of regulations prohibiting individuals from interacting with bitcoin outside of the jurisdiction of a regulated “virtual asset service provider” who diligently monitors who owns what and sends what to a given time. If this narrative occurs, it should be met with a high degree of ridicule and contempt.
This problem is a non-starter. Individuals have the right to protect their private property as they see fit, and they should never be subject to unfettered surveillance by the state, which has committed more atrocities and human rights violations. man that no group of individuals could even attempt to commit. Power over freedom money in the digital age should not be ceded to these people. It belongs to the people who use it.
Make no mistake, the narrative battle is about to escalate significantly as governments and central banks completely lose control of their monetary systems and, by extension, their subjects. Arrows will be launched from all angles. In fact, they already are, as evidenced by recent comments from the Jabba the Hutt-like demon who runs the Bank for International Settlements.
Get ready, monsters. Things are about to get spicy.
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