One-coin blockchain problem

In a recent expert article, we introduced the one-coin blockchain. According to FINMA Guidance 02/2019 [1], full identification will be requested from third parties in certain situations. How is this problem related to the one-coin blockchain? An understanding of this problem is important not least because the FINMA requirement is related to what is known as FATF Recommendation 16 [2].

It should first be pointed out that with the one-coin blockchain no specific relationship exists between the credit balance documented in the blockchain and the owner of the coin. As explained in [3], the coin belongs to the person in possession of the key to the last block in the chain. This is in contrast to a bank account balance, which requires an explicit, formally documented relationship between the owner of the account balance (the “beneficial owner”) and the account. Identification of the account balance is a problem that all those who have opened a bank account are sure to have encountered. The relationship between the identified person and the account is the next problem.






Complete Revision of the Federal Data Protection Act

Complete Revision of the Federal Data Protection Act: „As of 15th September 2017, draft and report for a completely revised Federal Data Protection Act is public. In a first step parliament and the people agreed to adaptations in order to be compliant with EU law. The second part of the revision is debated by the parliament since September 2019. Data Protection is to be increased by giving people more control over their private data as well as reinforcing transparency regarding the handling of confidential data.”


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