Zcash (ZEC) Is Compatible with the FATF Regulations and MGRC Results are InSeptember 22, 2020
ECC believe in the power of well-informed, educated policy-makers, and regulators who will be able to produce better regulation.
They have to state that they are engaging with policy-makers and regulators directly and by other modes of meetings to support the efforts of organizations like Coin Center, the Blockchain Alliance, the Blockchain Association, and Global Digital Finance.
They provide information through commentary, feedback, proposed legislation, regulation, education that is designed to improve the understanding of blockchain DLT technology and cryptocurrencies. More particularly their interest is geared towards providing for Zcash understanding.
Electric Coin Company tweeted: “We have been engaging with policy-makers and regulators and legislators on this topic as well. We’ve posted a letter that we sent to FATF earlier this week.”
For those who do not know, the Financial Action Task Force (FATF) is an inter-governmental body which is developing and promoting policies to prevent terrorist financing, money laundering, and financing proliferation of weapons and mass destruction.
During June 2019, FATF came up with recommendations on how the cryptocurrency sector will be regulated from an AML or CFT perspective. Of note, Zcash is compatible with the FATF regulations.
Sydney Ifergan, the crypto expert tweeted: “Zcash are compatible with FATF regulations. And, at the same time caters to privacy. Good both ways.”
Zcash (ZEC) MGRC Results
Zcash Foundation recently tweeted: “The MGRC results are in! Congratulations @mineZcash, @ZbayApp, @SarahJamieLewis, @hudsonjameson, @cburniske.”
The first Zcash Major Grants Review Committee will be: “Hudson Jameson Sarah Jamie Lewis, Chris Burniske, Holmes Wilson, and Shawn.”
In a recent podcast, there was a chat about privacy in cryptocurrencies Zcash, and the potential for future, fully private stablecoins.
For those who are new to ZEC, The ZEC protocol is based on Zerocoin that was developed in 2013 and later turned into Zerocash. The difficulty adjustment algorithm was taken from DigiShield v3. The ZEC cryptocurrency is live since 2016 and trading began ever since October 2016.
The price outlook for ZEC is not really good; however, it is not unusual for ZEC to go through the worse crashes in the market to only bounce back over again. Most of the time when they try to recover back up they tend to face less resistances. It bounces back to normal quality than several other cryptos.
Shielded Zcash transactions are absolutely private. Just like Bitcoin, the Zcash transaction data are posted to the public blockchain; however, Zcash ensures that the personal and transaction data stays completely confidential. This is made possible by the Zero-knowledge proofs that make it possible to send transactions anonymously.