Yet another government official is waking up to Bitcoin’s significance beyond its role as an asset. Rand Paul – Republican senator and well-known libertarian – recently questioned whether “cryptocurrency” could become the world reserve currency. As Bitcoin gains traction and legitimacy around the world, this reality grows ever-more plausible. Weakening Trust in Government Money Rand Paul aired his thoughts in an interview with Axios on Friday. The senator surmised that as trust in government decreases, “cryptocurrency” could “actually become the…
In a recent announcement, Pundi X has partnered with leading blockchain intelligence solution Merkle Science. According to the report, Pundi X will integrate Merkle Science solutions to track cryptocurrencies’ illicit use.
Merkle Science offers transaction monitoring solutions that track and validates individual transactions made on the blockchain. Pundi X intends to enable tracking of funds from the source and flagging potentially illicit accounts. Thus ensuring that only legitimate transactions are performed on its blockchain network.
Pundi X is an established blockchain platform from Singapore and has accelerated the mainstream adoption of cryptocurrencies within the Asian nations. The onboarding of Merkle Science is part of the initiatives by Pundi X geared towards ensuring regulation. Pundi X has already initiated a mandatory KYC requirement on its XWallet app to comply with Singapore regulations. This KYC procedure ensures that its users’ details are verified, and there is accountability for transactions that occur.
With this partnership, Zac Cheah, CEO of Pundi X, said, “Merkle Science is a known and trusted name in the industry. More than just the years of experience they bring with them, Merkle Science has long been recommended by the Singapore Fintech Association for their strict compliance with industry regulations. What we’re doing with Merkle Science is just the next logical step in creating a safer platform backed by blockchain and crypto assets,”
Regulations a crucial part of the blockchain industry
Regulations have become an important part of the blockchain industry due to the sanctions issued by governments globally. Cryptocurrencies have received increased scrutiny due to their prevalent use by cybercriminals and money launderers to perform financial crimes.
As a result of this, several crypto platforms have implemented KYC and AML procedures on their platforms. Also, some blockchain platforms have partnered with analytical firms to integrate tracking solutions on their blockchain network. Pundi X’s partnership with Merkle Science falls under the latter and would significantly reduce illicit transactions on its blockchain.