On the 16th of July, Members of the Senate’s banking, housing and urban affairs questioned David Marcus, the former PayPal executive who now leads the Libra project, on the company’s privacy and security plans.
Libra, a proposed digital currency from Facebook, was put under pressure by a number of senators due to the company’s privacy and security plans. During the congress hearings, Marcus has not validated how Libra Association is planning to fight fraud and avoid situations that occurred in the past with Cambridge Analytica, and this time we are talking about users money being at risk, not only the personal data.
Indeed, privacy concerns are among the hot topics on the crypto horizon and can be increasingly challenging to tackle.
Members of KICK Team noted down some interesting questions and actively got involved in the discussion. During the congress, it was clearly outlined that in the near time all crypto industry players will have to comply with regulations or cease operations. On the other hand, KICK ECOSYSTEM is already developing in the way of a pro-government solution with compliance to regulatory rules. Our mission is to make the cryptocurrency transparent and compliant to regulators of different countries.
KICK ECOSYSTEM will be fully transparent to its participants. One of its services — KICKID will tackle the AML challenges by implementing strong identity verification. All participants of the ecosystem will need to provide a government-issued ID to access any of the services. In addition, it will eliminate the need to pass KYC procedure over and over again. Once registered, users can easily access any part of KICK ECOSYSTEM or 3rd party websites that use KICKID. Our team is fully committed to addressing regulatory and privacy concerns.
Keep calm and wait for KICK ECOSYSTEM
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